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Morgan Management, LLC, which owns and operates nearly 70 manufactured home communities in five northeastern states, plans to diversify its business base by acquiring up to $70 million worth of RV parks and campgrounds during the next two years.
“We’ve been very successful providing people with affordable housing,” said Robert Morgan, CEO of privately held Morgan Management, based in Rochester, N.Y. “We’re convinced we can enhance our successes by providing people with high quality campgrounds and RV parks where they can spend their vacations.”
Morgan is specifically targeting campgrounds and RV parks in the Northeast and other areas because many of the existing facilities were built in the 1960s and ’70s and are owned and operated by people now approaching retirement age. And he’s primarily interested in those facilities that provide spaces for recreational park trailers or “park models,” which are increasingly being used by consumers as getaway cottages or summer retreat homes.
“On Cape Cod, a condo sells for $400,000 or $500,000,” he said. “But people can purchase a park model in the same area and place it on a leased site in a campground for a fraction of that price.”
Morgan is speaking from experience. His company recently acquired the 310-space Old Chatham Road RV Resort in South Dennis, in Cape Cod, Mass., which already is filled to capacity with park models. The company also recently purchased the 550-site Pinehurst RV Resort in Old Orchard Beach, Me. Both campgrounds accommodate short-term RV travelers as well as park models.
The company plans to acquire campgrounds and RV parks throughout the East Coast, but is also considering parks in the Midwest and other locations. “Our plan is to acquire the parks and upgrade them if they need it,” Morgan said, adding that the company hasn’t yet decided if it will brand all or a few of its newly acquired RV parks and campgrounds under a single nameplate. For the time being, he noted, they will continue to operate under their existing names.
In most cases, the properties will still be managed by existing personnel reporting to Morgan’s regional property managers.
Morgan Management, which employs 150, including 25 at its corporate office in Rochester, was founded 15 years ago. Since 1992, the company has acquired 70 manufactured home communities with 10,000 sites in New York, Massachusetts, Maine, New Hampshire, Delaware, Ohio and Florida.