A Dallas-based company started by the former CEO of CyrusOne is buying up R.V. storage facilities and giving them a big upgrade. Recreational Realty recently expanded into Houston with plans to grow throughout Texas and Florida. Pictured is an R.V. traveling in Florida.
His wife suggested they buy one of the facilities in Dallas and turn around the property, upgrading the facilities and investing in improving the property management services. Now Recreational Realty is expanding outside Dallas for the first time into Houston with plans to eventually grow its portfolio to 75 locations throughout Texas and Florida by the end of this year.Since December, Recreational Realty has bought five RV storage facilities in the Houston area, and it is under contract to buy an additional three locations in The Woodlands area. Once those sites close, Recreational Realty expects to have 56 acres in the Houston area with about 1,700 storage units.
Recreational Realty could be turned into a publicly-traded real estate investment trust, Wojtaszek said, although the company hasn’t made any decisions yet on exit plan and is focusing on growth.Wojtaszek hopes Recreational Realty will attract more institutional capital into a sector he said is ripe for growth.