Adult Toy Storage, which claims to be the nation’s largest RV and boat storage facility, has a new owner. The insolently named facility will also receive a new nickname: RV Storage Depot.
A Newport Beach, California-based joint venture between RanchHarbor, Ramser Development Company and Saunders Property purchased the Altamonte Springs, Florida facility. The property sold for $ 25.2 million, according to local real estate records.
âIn recent years, greater Orlando has experienced a population boom and economic growth. This, coupled with a huge increase in boat and RV orders, particularly in Florida, has led to an excellent opportunity to invest in this unique property, âsaid Adam Deermount, Managing Director of RanchHarbor, in a statement. .
The seller converted the property from a commercial nursery to its current use and has operated the facility continuously since the 1980s. The 55 acre property consists of 1,800 units, including outdoor parking spaces, indoor parking spaces and self-storage units. The new owners plan to create an additional 500 outdoor spaces on an undeveloped 14-acre portion of the property.
Neal Gussis of CCM Commercial Mortgage and Josh Koerner and Frost Weaver of Weaver Realty Group, LLC represented both the buyer and seller in this transaction.
A national opportunity
The joint venture’s plans for the RV and boat storage business don’t end there. The acquisition of Adult Toy Storage is the first step in what the group plans to be a nationwide deployment of its vehicle storage platform.
“The purchase of Adult Toy Storage room represents the first step in a nationwide rollout of Ramser Development’s RV and boat storage room portfolio, âsaid Ally Ramser Young, COO of Ramser Development Company.
Sales of recreational vehicles and watercraft have exploded across the country, leaving many buyers looking for storage options. The RV Industry Association predicts that sales will be up 40% this year from 2020 with more than 600,000 units sold. The forecast for 2022 calls for a slight increase in RV sales of 1.9% from 2021, a trend that will continue to drive demand for boat and RV storage operators.
The demand is starting to grab the attention of investors and storage operators, with some seizing the opportunity. Other entrants to the space include Madison Capital, based in Charlotte, NC, which recently launched BlueGate Boat and RV Storage with 10 deals pending. Traditional operators with existing facilities have also taken swift action to increase the capacity of RVs and boats at their existing facilities.
RanchHouse, Ramser and Saunders joint venture is actively seeking additional RVs and boats storage room investment opportunities in growing markets across the United States