Equity Firm Joins Ariz.-based Carefree Family
Centerbridge Capital Partners II L.P. and its related entities have formed a new business called Carefree Communities Inc. for the ownership and operation of destination recreational vehicle resorts and senior manufactured housing communities, according to a news release.
Carefree is the result of Centerbridge’s June 2 acquisition of National RV Communities LLC (NRVC), an owner and operator of 61 destination RV resorts and senior MH communities from Almanac Realty Securities IV LP (Almanac), an investment fund managed by Almanac Realty Investors. NRVC is headquartered in Scottsdale, Ariz., and operates communities in seven states and Canada, with the majority located in Florida.
The company will operate under the Carefree RV Resorts and Carefree Communities brands. NRVC’s CEO David A. Napp and President Colleen S. Edwards have co-invested alongside Centerbridge and will lead and manage Carefree.
As of July 11, Carefree has completed the acquisition of three additional properties: Sun-N-Fun RV Resort in Sarasota, Fla., Sherkston Shores RV Resort in Port Colborne, Ontario, and Regency Heights in Clearwater, Fla; and acquired a leasehold interest in a fourth property, Tropical Palms RV Resort in Kissimmee, Fla. Including these acquisitions, the combined Carefree platform now has an aggregate asset value of approximately $650 million.
William D. Rahm, Centerbridge senior managing director, said, “We believe this investment represents a compelling opportunity to back a strong and highly experienced management team in an attractive sector. Carefree is well-positioned to acquire additional senior manufactured housing and recreational vehicle communities in what remains a very fragmented industry. We look forward to working with the Carefree team to build the leading franchise serving active adults in the destination RV and senior MH resort sectors.”
Napp said, “We are excited to partner with Centerbridge and feel the acquisition of the new communities positions us as a leader in our industry. We will continue to focus on providing our active guests a memorable experience through communities that offer vibrant resort-style living, friendly and helpful associates, well maintained facilities, and efficient operations, as we acquire additional properties to extend Carefree’s role in our sectors.”