RV storage attracts attention from institutional investors
During the COVID-19 pandemic, sales of recreational vehicles and boats have reached an all-time high. Now, the need to park these recreational assets has expanded a niche sector in the commercial real estate industry, and industry titan Gary Wojtaszek is seizing the opportunity. Wojtaszek, who built data center company CyrusOne before recently selling it for nearly $15 billion, told the the wall street journal that RV storage is essentially uncharted territory in the real estate industry. “It’s not a really well run, professionally run industry,” Wojtaszek said. “They’re just mom-and-pop operators.”
Wojtaszek and his financial partner, private equity firm Centerbridge Partners LP, founded RecNation RV & Boat Storage (formerly Recreational Realty LLC). The company maintains fleets of RVs, boats, ATVs and other recreational vehicles at 31 locations across the Sunbelt, with 10 more deals pending.
Although there is an opportunity for growth in RV storage, external variables such as runaway inflation and rising gas prices are a serious impediment to sales, despite supply chain issues. supply for RV manufacturing are starting to dwindle. Even so, Wojtaszek foresees a continuing need for recreational vehicles. He pointed out that other trends, such as growing efforts by homeowner associations in some communities to ban recreational vehicles and boats from being kept in front of homes, are beneficial to the storage industry. Wojtaszek currently has a reputation for building one empire after another, so his venture into RV storage is his own green flag for the industry.