Shem Creek Marina is located in Mount Pleasant, SC, an affluent suburb just over the Cooper River Bridge from Downtown Charleston. Shem Creek is a drystack marina consisting 204 open air racks with ample floating staging docks, along with a fuel dock, dock house/office, and off-site parking. AMH Management “condominiumized” the marina slips in 2007, overseeing the marketing and sales efforts to sell 49% of the slips. AMH retained ownership of 51% of the slips, thus keeping majority control of the marina and condominium regime. Additionally, AMH owns and operates a successful fuel business and slip rental management company. Under AMH Management, Shem Creek remains consistently full, with an extensive waiting list. AMH uses annual leases with automatic rent escalations of 4%. Customer retention is very high and typical tenancies are multi-year and average 4 to 5 years in duration. Since acquisition by AMH in 2003, rental rates have increased by 73%.
The Harborage Ashley Marina:
The Harboarage at Ashley Marina is located in downtown Charleston, SC. The marina consists of 243 wet slips and can accommodate vessels up to 150 ft in length. Ashley Marina was acquired by AMH in 2005, at which time AMH undertook a full renovation of the facility, including a complete replacement of the docks that were refitted with Ipe decking, replacement of electric and water, new pump out facilities, and a full renovation of the marina office, ship store, and service area to create a Class A office building, with a new dockhouse being built out on the docks. The redevelopment was completed in 2006, with a total project cost of $12,500,000. AMH Mangement oversaw the marketing and sale of 234 slips to “condominiumize” the marina. Break-even status was achieved in less than 5 months of sales, with gross sales totaling $28,372,435. AMH retained 9 slips, the marina management, regime management, and slip rental management for the facility.
PORT 32 Tampa:
PORT 32 Tampa is a full service marina located in South Tampa seconds to the open waters of Old Tampa Bay, and just 15 minutes from downtown Tampa, Davis Islands, and Hyde Park. The marina features approximately 606 dry sips as currently configured, with the option to allow for 765 slips. Additionally there are 11 leasable wet slips with staging for 50 vessels, a fuel dock, transient dock, and pool. AMH came on as the management company in July 2018. Dry occupancy at takeover was 96%, with asking rates averaging $12.85 per foot inside the barn. AMH raised rates on all revenue categories, as well as instituted measurement conventions that captured the true dimension of a vessel, which was previously not being accounted for. Dry occupancy today is 98%, with an overall effective rate of $17.25 per linear ft. T-top charges have also increased 60% to an average of $56.29 per month. The effective yield per dry slip has increase 30.2% since AMH’s takeover. AMH instituted annual leases with automatic escalations; drystack rates were increased by 5.5% in 2019 and 7% in 2020.
PORT 32 Tierra Verde:
PORT 32 Tierra Verde is a newly developed marina on the island of Tierra Verde in the southern tip of Pinellas County (St. Petersburg). The marina features 343 indoor dry slips, with 13 outside racks for a total of 356. There are approximately 100 wetslips and 23 boat lifts. In addition to the boat storage there is approximately 10,800 sq ft of commercial space, a fuel dock, and ship store. AMH Management took over management in July 2017 as the final construction was nearing completion. The newly constructed asset was approximately 60% occupied. AMH assumed lease up risk as well as managed the construction of the pool which is shared between the on-site restaurant and hotel. AMH spent the better part of 2018 reconfiguring the drystack spaces to accommodate market preferences and optimizing commercial tenant mix. Drystack rates at takeover were $12.69 per linear foot. As of September 2020 AMH has been able to raise rates to an average of $17.02 per ft. The main drivers for our increase in yield management came from re-measuring vessels from prop to bow (total LOA) versus manufactured length, which typically adds about 2 to 2.5 ft additional revenue feet. At takeover the average LOA was 24.87 per foot. It now averages between 26.9 ft and 27.2 ft. In addition, we have increased rental rates upon renewal not less than 5% per year. The ship store and fuel business was previously operated by a third party. AMH took over both operations in mid 2018. AMH also took the initiative to replace the boat service and repair commercial tenant in 2019 with a much better service provider to meet the needs of our tenants.