Carefree Buying 13 Properties in Ontario Market
Carefree Communities Inc. further expanded its presence in the Ontario, Canada market with the acquisition of 13 RV resorts from Toronto-based Castle Vacation Parks. The properties currently have approximately 3,000 RV sites with the capacity to expand to more than 4,250 sites.
According to a press release, 10 of the 13 properties are located on lakes and offer scenic waterfront sites and outdoor recreational amenities and activities, according to a press release. Carefree now has 15 properties in the Ontario market, all of which are within a two-hour drive of Toronto.
David Napp, CEO of Carefree Communities, noted, “The Castle Vacation Park acquisition provides Carefree a fantastic opportunity to expand in the Ontario market and continue our growth following our successful acquisition of Sherkston Shores RV Resort in 2013.”
Napp believes the new Canadian parks complement Carefree’s existing U.S. portfolio well. “We look forward to offering our new customers access to our great communities throughout established Florida markets, as we believe many Canadians aspire to spend their winters in Florida.”
The 13 properties include Deer Lake Park in Huntsville, Hidden Valley Park in Normandale, Gulliver’s Lake Resort Park in Hamilton, Trailside Park in Parry Sound, Woodland Lake RV Resort in Bornholm, Silver Birches Resort in Lambton Shores, Willow Lake Resort Park in Scotland, Pickerel Park in Napanee, Grand Oaks Resort Park in Cayuga, Arran Lake Resort in Allenford, Lafontaine Park in Penetanguishene, Lake Avenue Resort in Prince Edward and Craigleith Resort Park in Blue Mountains.
The properties will be marketed using the Carefree RV Resort brand name which Carefree Communities uses for all of its destination RV resorts in North America.
The acquisition was financed with General Electric Capital and Carefree was represented by Aird & Berlis LLP.