This analysis is based on 134 marina transactions tracked by Marina Deal Flow from 2019 through early 2026. Fifty-seven deals have confirmed pricing; the rest are undisclosed. Where we cite dollar figures, we're working from confirmed numbers only. The buyer and geographic trends cover the full dataset.
The Big Picture: Marina M&A Is Accelerating
In 2020, we tracked 5 marina transactions. In 2025, we tracked 38. Through early March 2026, we're already at 15 — on pace to shatter last year's record.
This isn't a blip. It's a structural shift — and we don't think it's slowing down. Every quarter, we see new entrants: Stonepeak, Bain Capital, family offices that used to buy self-storage. The marina industry is going through the same consolidation that manufactured housing went through 15 years ago, except faster because there are fewer assets to buy.
Here's the year-by-year deal count:
| Year | Deals | Notable |
|---|---|---|
| 2019 | 2 | Early institutional interest |
| 2020 | 5 | Sun Communities acquires Safe Harbor for $2.1B |
| 2021 | 14 | Post-COVID boating boom drives deal surge |
| 2022 | 20 | Suntex and Safe Harbor on buying sprees |
| 2023 | 17 | Rate hikes slow momentum briefly |
| 2024 | 23 | Rebound — new entrants like Bowline and TopSide emerge |
| 2025 | 38 | Record year. Blackstone acquires Safe Harbor for $5.65B |
| 2026 (YTD) | 15 | On pace for 90+ deals. Suntex/Centerbridge announce $1.25B JV |
The 14 Repeat Buyers Who Control 56% of All Deals
Of the 134 transactions in our database, 76 — that's 56% — were made by just 14 buyers who've each done two or more deals. The other 58 deals went to one-time acquirers, local operators, or undisclosed buyers.
Here's the full list, ranked by deal count:
Tier 1: The Platform Builders (10+ deals each)
| Buyer | Deals | Strategy |
|---|---|---|
| Suntex Marina Investors | 26 | Largest independent marina operator. Roll-up strategy across Sun Belt and mountain lakes. Recently announced $1.25B joint venture with Centerbridge Partners for further acquisitions. |
| Safe Harbor Marinas | 18 | Sold by Sun Communities to Blackstone Infrastructure for $5.65B in April 2025 — the largest marina transaction in history. 138+ locations. Now expanding internationally (Costa Rica, Monaco, Caribbean). |
Between them, Suntex and Safe Harbor account for 44 of 134 deals — one in every three marina transactions tracked. That concentration is staggering for an industry that had virtually no institutional ownership a decade ago.
Tier 2: The Emerging Platforms (3–5 deals each)
| Buyer | Deals | Strategy |
|---|---|---|
| Bain Capital / BlueWater Marinas | 5 | Southeast focus. Mix of wet and dry storage. Boathouse Marine Center in Pompano Beach was a standout — seller bought for $2.5M in 2013, sold for $16.1M (6.4x in 12 years). |
| TopSide Marinas | 5 | Newer platform. Expanding into Missouri/Ozarks lakes. Boat storage, rentals, fuel, retail. Made headlines with a $75K finder's fee for a Lake Conroe lead. |
| Bowline Marinas | 4 | Florida Gulf Coast focus. Full-service operations. Brokered through National Marina Sales. |
| MarineMax (NYSE: HZO) | 3 | Publicly traded dealer expanding into marina ownership. Recently attracted a $1B acquisition offer from Donerail Capital. |
| Integra Investments | 3 | South Florida real estate firm moving into marinas. Most recent: Sunset Bay Marina (March 2026). |
| Equity LifeStyle Properties (ELS) | 3 | REIT with manufactured housing + RV parks. Marinas are a natural extension of their waterfront portfolio. |
| Goodhue Boat Company | 3 | Northeast operator. Steady, quiet accumulation of New England marinas. |
Tier 3: The Emerging Names (2 deals each)
Grove Point Marinas, Mongo Holdings / Keel Funds, and Monument Marine Group each have two tracked acquisitions. These are the buyers to watch — a second deal signals they're building a platform, not just buying a business.
The Money: What Are Marinas Actually Selling For?
Of our 134 deals, 57 have confirmed pricing. The rest are undisclosed — which itself is a data point. Private equity buyers almost never disclose, which is why our database tracks both confirmed and estimated ranges.
From the 57 confirmed deals:
- Median deal size: $16.4M
- Price per slip range: $10,000 to $821,000
- Median price per slip: $52,600
That median PPS of $52,600 is the number institutional buyers use as a starting benchmark. But the range tells the real story — a distressed freshwater marina on a lake in the Midwest trades at completely different multiples than a deep-water facility in Fort Lauderdale with a waitlist.
Here's how PPS breaks down by tier, based on our transaction data:
| Price Per Slip | Profile | Examples |
|---|---|---|
| Under $25K | Distressed, rural, or value-add | Harborview Marina (Baltimore, foreclosure, ~$10K/slip) |
| $25K–$75K | Mid-market, stable cash flow | Most Suntex and Bowline acquisitions |
| $75K–$150K | Premium coastal, waitlisted | Safe Harbor portfolio average (~$113K/slip) |
| Over $150K | Trophy assets | Lauderdale Marine Center ($341M, ~$463K/slip — Carlyle 2x flip) |
Use our valuation tool to benchmark any marina against these ranges using real comparable sales.
Where the Deals Are: Geographic Hotspots
Florida dominates. It's not close.
| State | Deals | % of Total |
|---|---|---|
| Florida | 37 | 28% |
| Massachusetts | 10 | 7% |
| California | 8 | 6% |
| New York | 6 | 4% |
| Maryland | 5 | 4% |
| New Jersey | 5 | 4% |
| Connecticut | 4 | 3% |
| Texas | 4 | 3% |
| Virginia | 4 | 3% |
| All others | 51 | 38% |
Florida's 37 deals span from Key West to Jacksonville, but the densest activity is in Southeast Florida (Broward, Palm Beach, Miami-Dade) where water access, affluent boating populations, and year-round demand create the highest valuations.
Massachusetts is the surprise second-place finisher, driven by Goodhue Boat Company's quiet accumulation and several one-off sales in the $5M–$20M range along the South Shore and Cape Cod.
Browse all state-level data on our markets page.
44% of Deals Involve Institutional Capital
We flagged every deal where the buyer name includes indicators of institutional backing — "Capital," "Partners," "Holdings," "Investors," "Group," etc. The result: 59 of 134 deals (44%) involve some form of private equity, institutional, or fund-backed capital.
That number almost certainly understates reality. Many acquisitions by Suntex, Safe Harbor, and others are backed by institutional LPs but don't always carry obvious fund names in the transaction record.
The practical implication for marina owners: if you're fielding an offer, there's nearly a coin-flip chance it's coming from an institutional buyer. That changes the negotiation dynamics — these buyers have standardized due diligence processes, faster closes, and often pay premiums for platform-quality assets. It also means the days of selling your marina to the guy down the dock are fading fast.
For a deeper look at the consolidation thesis, read our industry consolidation overview.
The $5.65B Elephant in the Room
No analysis of marina M&A is complete without addressing the Blackstone/Safe Harbor deal. In April 2025, Blackstone Infrastructure Partners acquired Safe Harbor Marinas from Sun Communities for $5.65 billion — the largest marina transaction ever, and one of the largest infrastructure deals of the year.
The numbers tell the story of why institutional capital is flooding the sector:
- Sun Communities bought Safe Harbor for $2.1B in 2020
- Sold to Blackstone for $5.65B in 2025
- That's a $1.3B book gain and a 2.7x return in 4 years
- 138 marina locations, ~50,000 wet and dry slips
- ~$113,000 per slip at the portfolio level
- 70% NOI margins, 21x FFO
When the world's largest alternative asset manager writes a $5.65B check for marinas, it validates the entire asset class. Every family office, REIT, and mid-market PE fund is now looking at marinas differently.
What Comes Next
Based on the data, three trends are clear:
- Deal pace will keep accelerating. We're at 15 deals through early March 2026. The Suntex/Centerbridge $1.25B joint venture alone could fund 20+ acquisitions.
- New platforms will emerge. Bowline, TopSide, Monument Marine, and Grove Point are all early in their roll-up cycles. Expect more debut buyers as the Blackstone deal attracts new capital to the sector.
- Prices will keep climbing. Limited new supply (permitting takes 5–10 years), growing demand, and institutional competition for assets create a one-way market for well-located marinas. The $52,600 median PPS today will look cheap in 3 years.
Methodology & Data Access
This analysis is based on Marina Deal Flow's proprietary transaction database of 134 deals tracked from 2019 through March 2026. Sources include county deed records, brokerage announcements, SEC filings, industry publications, and direct reporting.
57 deals have confirmed pricing. Buyer identification is based on public records and press coverage — some deals remain undisclosed. Safe Harbor's deal count combines transactions under both Sun Communities and Blackstone ownership periods.
All of this data is available on our transaction database, acquirer leaderboard, and market pages. Pro members get full access to buyer names, price per slip, and detailed analytics on every deal.
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