| RV
PARKS
Investment Rationale
Growing market demand
- Record number of RVers
- Younger and wealthier RVer with larger units
with greater demand for amenities and service
on very few high quality RV parks
- Trend to continue with aging population and
baby boomer “wealth factor”
Limited new supply
- RV parks closing for higher and better land
use
- Zoning restrictions
- Limited new tax revenues
Low capital expenditures
- Community owner responsible only for infrastructure
(roads, lights, common grounds, amenities)
High margin and flow-through
- Rental increases in excess of CPI increases
- Minimal incremental community owner costs with increased
occupancy
Value creation opportunities
- Ability to sell park model homes for profit
and convert seasonal rentals to 12-month site
rentals
- Under capitalized and/or under managed properties
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