Turnstone Group and Blue Vista Capital Management Announce Joint Venture to Acquire RV Parks and Campgrounds
Partnership Builds on Turnstone Group's Position as Premier RV Park Investor in the U.S.
ATLANTA and CHICAGO, Aug. 10, 2021 /PRNewswire-PRWeb/ -- Turnstone Group, a leading RV park investor in the United States, announced a joint venture today with Blue Vista Capital Management ("Blue Vista"), a Chicago-based real estate investment manager, to recapitalize its 8-property RV park portfolio and provide substantial growth capital.
The new partnership will pursue up to $200 million of new acquisitions and development opportunities in the RV park and outdoor hospitality arena. The venture will build on Turnstone's reputation as one of the preeminent owners of RV parks in the U.S., while continuing to enhance the outdoor hospitality experience for its customers. IVEE Group, a best-in-class RV park property management firm, will manage the portfolio.
"RV parks have been overlooked and misunderstood for years. Blue Vista has taken the time to understand that the fundamentals of this asset class are strong and there is much more here than the so-called COVID wave of recent success," said Brice Willis, Managing Director at Turnstone. "It's in Turnstone's DNA to uncover opportunities where value is underappreciated. We are confident that this venture, along with our property manager, IVEE Group, will unlock value by bringing a true hospitality mindset to operations that enhances the campground experience for our guests. We are thrilled to be partnering with Blue Vista for this next phase of growth."
"Through its value-add commingled fund series, Blue Vista has worked over the last several years to make investments in the RV park sector," said Laurie Smith, Managing Principal & CIO – Middle Market Equity at Blue Vista. "We are delighted to partner with a group as strong as Turnstone on the acquisition of these nine assets, and look forward to continued growth in the space with Turnstone in the future."
Since its first RV park investment in 2015, Turnstone has acquired nine RV parks and campgrounds encompassing over 1,500 sites in six states across the country. Furthering Turnstone's position as a leading investor in outdoor hospitality real estate, the joint venture will provide for a broad range of acquisition opportunities throughout the United States. The venture recently completed its first follow-on investment with the acquisition of Sugar Sands RV Resort in Gulf Shores, Alabama. Future acquisitions will have strong year-round demand and may have a diverse mix of guest offerings, including RV sites, cabins, and glamping accommodations. The venture will also pursue development opportunities in locations with unmet RV and campground demand.
About Turnstone Group
Turnstone, based in Atlanta, is a value driven investment and development firm founded in 2001 to make midsize real estate and real estate-related investments in the U.S. Employing an opportunistic investment approach, Turnstone seeks to capitalize on distressed or misunderstood situations and is often a first-mover, investing away from the typical areas of focus for many real estate investors and in transactions that involve creativity, complexity, or superior market knowledge. In addition to its involvement in the outdoor hospitality space (RV), Turnstone is active in extended stay hotels and self-storage. http://www.turnstonegroup.com/
About Blue Vista Capital Management
Blue Vista is a Chicago-based leading real estate investment management firm dedicated to developing long-term relationships, serving investor interests and delivering consistent performance through a rigorous academic and research-driven investment process. Blue Vista's value-creating platform offers a national footprint in the U.S. and Canada, local operating expertise, and best-in-class investment strategies focused exclusively on student housing, middle market real estate and lending. Since the firm's inception in 2002, Blue Vista has invested over $10.5 billion in total capitalized value through institutional real estate vehicles. For more information please visit https://bluevistallc.com.
About IVEE Group
Atlanta-based IVEE Group provides turnkey property management solutions for RV park and campground owners throughout the U.S. IVEE's property management services include financial reporting, employee management, marketing strategy, and oversight of capital improvements. The firm's record of consistent year-over-year financial improvement is the result of intense focus on operational excellence, guest satisfaction, employee engagement, and fiscal discipline. IVEE Group manages ten RV parks and resorts in seven states totaling 1,700 sites. https://ivee.com/
Media Contact
Julie Dunn, Dunn Communications Inc., +1 3035222659, [email protected]
SOURCE Turnstone Group
Share this article