Real Estate
We buy land where more of it cannot be made.
Recreational markets share one characteristic: the land that makes them desirable — mountain terrain, coastline, proximity to wilderness — cannot be replicated. New supply is constrained by topography, permitting, and community resistance. Demand keeps growing as Americans spend more of their time and money outdoors.
Where we own both the operating business and the ground under it, the business gets stable occupancy on aligned terms and the property gets a tenant we control. Both sides of the balance sheet hold each other up.
Investment Strategies
Buy and hold
We buy and hold in markets we know: recreational destinations and mountain communities where demand is steady and new supply is hard to add. We are owners, not traders.
Development and entitlement
In select markets we pursue ground-up development or repositioning, where the entitlement process itself is what creates the value.
Own the ground under our companies
When we buy an operating business we look to buy its real estate too. It lowers occupancy risk for the operator and puts a long-lived asset on the balance sheet.
Target Markets
Mountain Resort Towns
Established ski and outdoor recreation destinations with constrained land supply and year-round demand
Coastal Recreation Markets
Barrier island and coastal communities with strong tourism fundamentals and high replacement costs
Gateway Communities
Towns at the entry points to national parks and wilderness areas benefiting from secular growth in outdoor recreation
Emerging Outdoor Destinations
Markets where we believe infrastructure investment and shifting demographics are creating durable demand
Our Principles
High barrier to entry
We buy only where geography, regulation, or community opposition makes new supply structurally hard to add.
Local knowledge
We buy in markets where we spend time and know the people. We do not buy where we have to take someone else's word for it.
No clock
There is no date by which we have to sell. We hold while the reason we bought it still holds.
One strategy, two sides
The real estate and the operating businesses support each other. Owning the building makes us a better owner of the business inside it.