Monarch Alternative Capital LP, an investment firm with approximately $11 billion of assets under management, formed Go Outdoors, a platform to acquire, develop and operate marinas and RV resorts in the U.S.
Monarch launched the platform by recapitalizing two large-scale portfolios and partnered with Safe Harbor Development, an 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 that benefit from 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 throughout Georgia, New York, Pennsylvania, and Tennessee, offering customers upscale services and amenities.
“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.”
