Ontario
Investment Firms 23:32, Osmington Acquire Southern Ontario RV Resort Portfolio for $91M
Investment firms 23:32 Capital and Osmington Capital Partners have acquired a 13-property RV resort portfolio for $91 million.
The companies bought the portfolio on behalf of 23:32 Capital RV Resort Fund LP. The resorts contain 2,840 RV sites altogether and are located near the Greater Toronto Area and the Great Lakes region.
The purchasers announced their acquisition in a news release but did not disclose the seller.\
The newly acquired portfolio combines a strong history of high occupancy with expansion potential, offering what the firms describe as “highly durable cash flows” and significant opportunities for growth. Following this acquisition, Los Angeles-based 23:32 Capital’s holdings will comprise 20 properties with about 3,500 sites and a further potential of approximately 1,000 development sites.
“This acquisition is a significant transaction for the business,” said Bryce Stewart, CEO of 23:32 Capital. “We are well positioned to take advantage of the substantial tailwinds that currently [exist] in Canada to grow the supply of affordable seasonal and year-round communities in Ontario.
Osmington Capital Partners, known for its strategic investments, shares Stewart’s optimism.
“We are excited to team up again with Bryce at 23:32 Capital on this exciting opportunity,” said Vlad Amurjuev, Toronto-based Osmington’s managing partner. “It is an alternative asset class that is generally overlooked in Canada and that presents an opportunity for groups like ours. We look forward to enhancing and growing this high-quality portfolio.”
Recreational resort communities, also referred to as RV resort communities, represent a growing niche within Canada’s real estate investment market, said 23:32 and Osmington. These properties offer Canadians an affordable way to enjoy seasonal cottage and RV ownership in well-amenitized communities, the companies added.
The portfolio includes the following properties:
| Property | City | Sites |
|---|---|---|
| Willow Lake | Scotland | 367 |
| Huntsville | Huntsville | 233 |
| Cayuga | Cayuga | 283 |
| Georgian Bay | Seguin | 231 |
| Turkey Point | Normandale | 244 |
| Flamborough | Millgrove | 198 |
| Penetanguishene | Tiny | 263 |
| Stratford | Bornholm | 215 |
| Arran Lake | Allenford | 187 |
| Sandbanks | Cherry Valley | 136 |
| Ipperwash | Lambton Shores | 162 |
| Hay Bay | Napanee | 210 |
| Blue Mountains | Clarksburg | 111 |
| Total | 2,840 |
Vancouver-based Canaccord Genuity acted as exclusive financial advisor to the fund for the transaction.
Michael Nissley, U.S. national director of Colliers’ manufactured housing and RV (MHRV) group said on Linkedin that his team served as the lead advisor in the sale.
“The landmark sale, one of Canada’s largest RV portfolio transactions, highlights the rising global investor interest in RV resorts driven by favourable investment factors and heightened demand for outdoor hospitality,” wrote Nissley, who is based in Boca Rato.
He said the Colliers MHRV group worked closely with Bruce Bell, U.S. national director of Colliers MHRV valuations group and collaborated with global real estate investment bank Eastdil Secured to facilitate the transaction.]
Pictured: Hay Bay RV Resort in Napanee, Ont.
Photo: Sun Retreats
