Monarch Alternative Capital forms marina, RV resort platform
Monarch Alternative Capital LP, an investment firm with approximately $11 billion of assets under management, announced the formation of Go Outdoors, a platform to acquire, develop, and operate marinas and RV resorts across the United States. Monarch launched the platform with the recapitalization of two large-scale portfolios and partnered with Safe Harbor Development, an experienced owner-operator of recreational developments, to manage the existing portfolios and help grow the platform through acquisitions and development. Monarch believes these sectors are historically overlooked real estate asset classes which benefit from attractive growth tailwinds and are in the early stages of institutionalization.
The platform will initially comprise 11 marinas and 4 RV resorts, including over 5,500 marina slips and over 500 RV pads located throughout Georgia, New York, Pennsylvania and Tennessee.
Monarch said it was attracted to the differentiated attributes in the marina and RV industries and believes the existing portfolio exemplifies these strengths.
“The launch of our marina and RV platform comes at a dynamic time for the industry given the attractive supply-demand fundamentals and increasing industry consolidation. We are excited to be partnering with Safe Harbor Development, who we believe is a best-in-class operator and pioneer within both the marina and RV resort spaces and will help us achieve our growth and execution objectives,” said Ian Glastein, Managing Principal and Co-Head of Real Estate at Monarch. “We believe our asset management expertise and access to capital will support the continued success of the platform and favorably position us to capitalize on this unique opportunity set.”
“At Safe Harbor Development, we have been at the forefront of the industry for over 20 years. The recreational development space continues to grow strongly, so we believe it was the best time for Safe Harbor Development to expand along with the industry,” said Darby Campbell, founder and president of Safe Harbor Development. “As we look ahead, we are excited to be partnering with Monarch on Go Outdoors. Their extensive investing and execution capabilities and commitments align with our goals of bringing exceptional offerings and experiences to our customers. We believe their investment will allow us to grow and achieve our goals on a greater scale.”
