Adult Toy Storage, which lays claim to being the largest RV and boat storage facility in the country, has a new owner. The cheekily-named facility will also be getting a new moniker: RV Storage Depot.
A Newport Beach, CA-based joint venture between RanchHarbor, Ramser Development Company and Saunders Property purchased the Altamonte Springs, FL facility. The property sold for $25.2 million, local property records show.
“In recent years, greater Orlando has been experiencing a boom in population and economic growth. This, coupled with a tremendous increase in orders for boats and RVs, especially in Florida, led to a great opportunity to invest in this unique property,” said Adam Deermount, managing principal at RanchHarbor, in a statement.
The seller converted the property from a commercial nursery to its current use and has continuously operated the facility since the 1980s. The 55-acre property features 1,800 units, including outdoor parking spaces, indoor parking spaces and self-storage units. The new owners plan to create 500 additional 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 nationwide opportunity
The joint venture’s plans for the RV and boat storage sector don’t end there. The acquisition of Adult Toy Storage is the first step in what the group plans to be a nationwide rollout of its vehicle storage platform.
“The purchase of Adult Toy Storage represents the first step in a national rollout of Ramser Development’s RV and boat storage portfolio,” said Ally Ramser Young, chief operating officer of Ramser Development Company.
Sales of recreational vehicles and watercraft have boomed across the country, leaving many buyers looking for storage options. The RV Industry Association forecasts sales to be up 40% this year compared to 2020 with more than 600,000 units sold. The forecast for 2022 expects a slight increase in RV sales of 1.9% over 2021—a trend that will continue to drive demand for boat and RV storage operators.
The demand is starting to catch the eye of investors and storage operators, with some seizing the opportunity. Others entering the space include Charlotte, NC-based Madison Capital, which recently launched BlueGate Boat and RV Storage with 10-deals in the pipeline. Traditional operators with existing facilities have been making quick moves to expand RV and boat capacity at their existing facilities as well.
The joint venture of RanchHouse, Ramser and Saunders is actively seeking additional RV and boat storage investment opportunities in growing markets throughout the U.S.