Neil Dyer leads the BlueGate Boat & RV Storage Platform and has been responsible for execution and launch of the platform to date. Since 2018, he has been instrumental in identifying opportunistic storage acquisitions throughout the country. Previously, Dyer was an Associate at CBRE, utilizing market intelligence to optimize real estate solutions for clients. With extensive experience in real estate, he is committed to driving growth and enhancing property value. Toy Storage Nation recently caught up with Dyer (who is also a revered TSN Advisory Board member) to get his insights on the RV and boat storage industry as well BlueGate’s current success and future objectives.
Can you summarize the origins of BlueGate Boat & RV Storage and its affiliate Madison Capital Group?Â
BlueGate was established based on our extensive experience in the self-storage industry. We recognized that boaters and RV owners were being underserved, especially in markets across the Southeast. Through our portfolio, we saw the inefficiencies of storing recreational vehicles at traditional self-storage facilities. Our goal was to create a property dedicated to meeting the specific needs of these customers.
Can you also tell us what types of properties (including all forms of storage) are in your portfolio?
We offer a variety of storage solutions, including uncovered lots, covered canopies and fully 
enclosed facilities, along with marinas and dry stack boat storage. We’ve diversified our portfolio through both acquisitions and development to ensure we meet the needs of our customers. Our developments primarily focus on Class A covered storage options.
How is the landscape for storage overall and RV/boat storage specifically changing?
Our business is evolving to better serve Class A customers. As more properties offer enhanced amenities, the days of basic, bare-bones outdoor storage are behind us. Customers now seek more upscale options and expect modern conveniences, including the integration of technology through the internet and mobile apps.
What are the primary goals of BlueGate in the near future as well as a decade down the road?
Our primary goal is to become one of the largest owners of boat and RV storage facilities nationwide, establishing ourselves as a household name in the industry. We aim to be a prominent leader by delivering a best-in-class experience that meets all boat and RV storage needs, with a strong focus on exceptional customer experience.
How would you describe the state of RV and boat storage today and what are your projections for the future?
Today, demand for boat and RV storage remains strong, but attracting new customers is more challenging than it was a few years ago. While interest is high, individuals are more 
price-conscious, making it more costly and competitive to secure leases. We’re focusing on marketing efforts to draw in customers and, moving forward, we plan to continue acquiring and developing new properties. Our goal is to offer an elevated level of customer service and premium facilities for our tenants.
In terms of RV and boat storage, what types of assets are you targeting?Â
BlueGate is targeting both uncovered and covered storage facilities nationwide, with a focus on the Top 50 MSAs. Our primary emphasis is on the Southeast and Sunbelt regions.
Does BlueGate do retrogrades to bring Class B/C sites to Class A? What are the advantages to operating a Class A site? (Note, TSN defines Class A sites as having full perimeter fencing, security gate, paved surfaces and canopied or fully enclosed units.)
Our Class A facilities offer covered, paved storage with premium amenities. When acquiring new properties, we are committed to creating a positive experience for our tenants. Facility improvements are tailored on a case-by-case basis to meet the specific needs of each property, ensuring an enhanced customer experience.
How do you fund acquisitions?Â
We focus our investments on private equity, family offices and high-net-worth individuals. This targeted approach allows us to partner with investors who share our long-term vision and acquisition strategies.
If RV/boat storage operators are looking for an exit plan, what should they do to prepare their asset?
If RV/boat storage operators are considering an exit plan, they should start by ensuring that all financial records are accurate and up to date. Potential buyers will want detailed information, so having well-organized documentation on income, expenses, occupancy rates and any recent improvements is crucial. Additionally, it’s important to address any maintenance issues, highlight unique features or amenities, and ensure the property is presented in the best possible condition to maximize its value during the sale process.
Why should investors consider adding storage/RV & boat storage to their portfolios?
Investing in boat and RV storage is a great way to diversify your portfolio with an asset class that has very stable cash flow.Â
Do you believe there are still plenty of markets prime for RV and boat storage development? Where?Â
Absolutely, there are still numerous markets across the country that are prime for RV and boat storage development. We’ve learned that this asset class works well in various locations, but success hinges on delivering the right product tailored to the specific needs of each market.
To learn more, visit BlueGate Boat & RV Storage.
