Castle Park Enters $500M JV Targeting MHC Assets

Newmark arranged the partnership, which debuted with a 700-homesite portfolio acquisition.

Generic image of a manufactured housing community

Image by Roger Starnes Sr. via Unsplash

Castle Park Investments and a global real estate investment equity firm have formed a $500 million programmatic joint venture that aims to purchase manufactured housing communities, RV resorts and campgrounds across the country. Newmark’s Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, together with Director Eden Abraham, arranged the partnership.

The venture debuted with the acquisition of a more than 700-homesite MHC portfolio in Pennsylvania and Ohio, and will continue to target similar assets in strategic markets that generate value-add returns through leasing and property improvements.

Newmark is also in charge of arranging debt financing for the partnership.

Stolly said in a prepared statement that the capital markets community welcomed this opportunity, considering demand for affordable housing options in the U.S. is only increasing as the supply of MHCs and RV resorts remains limited. The manufactured housing sector has continued to perform well and even grow during the past two recessions, added Roeschlaub.

Castle Park Investments operates multiple manufactured housing communities, including Royal Village, a 233-site community in Toledo, Ohio, that the company purchased in 2021.

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