Newmark raises $500m programmatic JV for Castle Park Investments

Newmark has raised a $500 million programmatic joint venture between a global real estate private equity firm and Castle Park Investments that will focus on core plus and value-add manufactured housing communities (MHC), recreational vehicle (RV) resorts and campground assets across the United States.

The venture’s focus on the acquisition of MHC, RV resorts and campgrounds provides the opportunity to generate core plus to high value-add returns through leasing, repositioning and limited redevelopment. The venture was seeded by the acquisition of a 700-plus pad portfolio across strategic markets in Ohio and Pennsylvania. Newmark is also arranging the debt financing for the venture.

The venture will target MHC assets in strategic markets across the United States, where the asset class presents a strong affordability option relative to other forms of housing. The venture will target RV and campground destination assets where historical performance demonstrates a stro