Castle Park Investments Forms $500M Manufactured Housing JV


Castle Park Investments has formed a $500 million joint venture equity partnership targeting manufactured housing, recreational vehicle resorts and campground assets throughout the U.S., Commercial Observer can first report. 

Newmark (NMRK) arranged the JV with a team led by Jordan Roeschlaub and Dustin Stolly, alongside Eden Abraham. Roeschlaub said Castle Park is teaming up with a global private equity firm that couldn’t be named yet. 

SEE ALSO: 3650 REIT, JP Morgan Chase Provide $62M Refi on Columbus Warehouse

“Manufactured housing as an asset class is the only real estate sector that experienced positive earnings growth in the last two recessions while showing significant resilience during COVID-19,” Roeschlaub said in a statement.  

The JV was seeded by the acquisition of a more than 700-pad portfolio — a “pad” being the lot beneath a manufactured home — across markets in Ohio and Pennsylvania. Newmark is also arranging the financing for this transaction, but the debt dollar amount couldn’t immediately be ascertained. 

The new partnership will focus on purchasing manufactured housing communities (MHCs) in U.S. markets where the asset type provides “a strong affordability option” compared with other forms of housing. The JV will also target recreational vehicle (RV) resorts and campground properties, focusing on “destination assets” that have shown strong demand for long-term reservations.

“With the continued limited supply of MHCs and RV resorts, this opportunity was extremely well received by the capital markets community due to the nation’s continued need for affordable housing,” Stolly said in a statement. 

The transaction is part of Newmark’s continued push into equity raising for both platform and programmatic JVs. Earlier this month, the same team arranged a $240 million joint venture equity partnership between Burton-Katzman and DRA Advisors to recapitalize 24 industrial properties in the Midwest. 

“This programmatic investment facilitates our ability to provide affordable housing for years to come,” Brad Scott, partner at Castle Park, said in a statement. 

Andrew Coen can be reached at