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Old 09-25-2020, 12:59 AM   #1
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RV Park in Ariz. Sells for Record $88M

RV Park in Apache Junction, Ariz. Sells for Record $88M

In a record-breaking deal that closed on Sept. 22, an Arizona RV resort in Apache Junction with 1,119 spaces sold for $88 million, according to story by senior reporter Angela Gonzales at the Phoenix Business Journal.

“The buyer is a market leader in RV Resort Communities,” said Derek Harris, founder and principal of HARRI5, a Scottsdale manufactured housing and commercial brokerage, who represented the buyer in the deal. “They will continue to improve and operate this as one of the nation’s premier RV resort communities.”

While he declined to identify the buyer of the Superstition Sunrise RV Resort, public records show the buyer is CPI Superstition Sunrise Owner LLC, with the address on file tracing to Washington, D.C.-based private equity giant The Carlyle Group Inc. (Nasdaq: CG).

“This is the single largest transaction from a dollar volume standpoint in Arizona’s history for a mobile home or RV resort,” Harris said. “It’s not a portfolio. It’s just one single community.”

CPI Superstition bought the luxury 55-plus RV resort at 702 S. Meridian Road, Apache Junction, from a general partnership called Superstition Sunrise that developed the park in 1982. According to the warranty deed, the people behind that partnership are Phillip and Mary Weeks, along with Douglas and JoAnn Champlin and Rudolph Mariscal.

Like other large institutional investors, The Carlyle Group has been hungry for these types of communities, previously closing on a $220 million portfolio of manufactured housing communities in Arizona in April, Harris said.

Carlyle officials could not immediately be reached for comment.

Harris has sold more than 13,000 spaces in 55 communities totaling more than $900 million in sales over the past few years.

MIchael Escobedo, associate for the National Manufactured Home Communities Group at Marcus & Millichap, said The Carlyle Group has been very aggressive in RV and manufactured housing buys in Arizona.

“They have taken a long bet on both product types,” Escobedo said.

Before this $88 million deal, Escobedo has tracked 15 transactions of RV resorts across the state sold so far this year, with the average price per pad at $28,684.

Most of those RV resorts have sold in the $1 million to $2 million range. The largest deal was the 342-unit Val Vista RV Resort, 16680 W. Val Vista Blvd., Casa Grande, which sold for $15 million on March 12. That property was built in 1984.



https://rvbusiness.com/rv-park-in-ap...or-record-88m/
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Old 09-25-2020, 02:18 AM   #2
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Then it may have been a fools play. Look at the numbers. Doesn't make sense but gambles can make you rich or break your back.
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Old 09-25-2020, 10:58 AM   #3
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Cheap money with long term plans

You can be sure the use cost in that complex won't be going down and most likely up

Sounds like big money is betting on retirement and RV life styles
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Old 09-25-2020, 12:02 PM   #4
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I wonder if they're going to put in a "Bleachers Section" for the rest of us?
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Old 09-25-2020, 06:37 PM   #5
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Originally Posted by lwmcguire View Post
Cheap money with long term plans

You can be sure the use cost in that complex won't be going down and most likely up

Sounds like big money is betting on retirement and RV life styles
The article does state Escobedo started tracking buys in flight or completed since March. The Covid thread claims RV purchases are through the roof and Thor's stock has seen considerable gains. Maybe that bet is based on those numbers as well. Covid sure introduced a lot of people to a new way to travel and vacation. Not likely they'll give it up anytime soon - to large and investment to simply walk away from. AZ's Sun City is a prime example of the AZ retirement seen as is FL's.
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Old 09-25-2020, 06:55 PM   #6
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Yes: RV sales are up significantly.
But the number of campsites available has stayed pretty consistent.
RV parks might soon start riding their prices; once they realize that they have a scarce commodity available.
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Old 09-25-2020, 07:11 PM   #7
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Yes: RV sales are up significantly.
But the number of campsites available has stayed pretty consistent.....
So there's not enough RV Parks to park all the RV's

This thread could easily turn into "Learn to Boondock" or "Add Solar So You Can Boondock" or "WalMart & Cracker Barrel Boondock Parking"...



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Old 09-25-2020, 07:23 PM   #8
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You are far more correct than you think...
There are about 15,000 RV parks, and well over 10,000,000 RVs...
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Old 09-25-2020, 09:38 PM   #9
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Originally Posted by taylorbob1 View Post
So there's not enough RV Parks to park all the RV's

This thread could easily turn into "Learn to Boondock" or "Add Solar So You Can Boondock" or "WalMart & Cracker Barrel Boondock Parking"...



Sorry, how is this off topic? Just a question, not a statement.

Adding solar is spread throughout this forum. I just started down that road myself. The build has to wait for base camp in FL.
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Old 09-25-2020, 11:03 PM   #10
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Is this a precursor to Walmart charging for overnight parking?
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Old 09-25-2020, 11:50 PM   #11
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while it wouldn't surprise me: it would be a shame to see that happen.
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Old 09-26-2020, 12:44 AM   #12
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Originally Posted by Bob Denman View Post
You are far more correct than you think...
well over 10,000,000 RVs...
well over 10,000,001 make sure you counted my SOB
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Old 09-26-2020, 01:02 AM   #13
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10,000,001... :d
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