Not long after the ink dried on a peanut-fueled deal in Suffolk, a group of Richmond, Va., investors closed out 2021 by adding to their assortment of real estate with a second step into the Lone Star State, according to Richmond BizSense.
It was a sister deal to go along with Tropic Island Resort, an earlier purchase it made just up the road in the same town last summer and part of the company’s full acceleration into RV parks and so-called outdoor hospitality properties.
Yogi Singh, who leads NLLC along with longtime business partners Stewart Garland and Pushkal Basavaraj, said they spent approximately $20 million combined for the two Texas sites and more than $100 million over the course of 2021 on a handful of RV parks and related development sites in several states.
“It represents the future of our company and a shift and focus on outdoor hospitality,” Singh said.
The company now owns 2,000 land lease properties — those that house small lots for seasonal leases to RVs, campers and manufactured park model vacation homes. That figure includes existing sites and those in development.
RV sites make up the bulk of a portfolio that previously was dominated by office buildings, apartments and mobile home parks. That make-up changed over the last year.