Last week, DLP Capital Founder and CEO Don Wenner and other DLP leaders shared our first virtual dinner event with investors like you—allowing us to connect beyond the screen and come together around something we’re truly excited about: the launch of the first new DLP Capital sponsored fund in four years, the DLP Living Fully Community Fund.
We walked through why—with more than $12 billion invested over 20 years of building Thriving Communities—everything we do starts with housing that is affordable for America’s working families.
And why success without significance has never been the goal.
DLP Leadership spent time on the core strategies driving the fund, including:
- Horizontal and build-to-rent communities that deliver housing that feels like home without the cost of homeownership
- Manufactured housing and lot rental communities, one of the most cost-effective and resilient paths to attainable housing
- Campgrounds-to-communities, leveraging existing RV zoning to create long-term housing and community environments
- Resort and vacation rental properties intentionally designed around connection, optionality, and repeat engagement that amounts to more than a nightly stay
Rather than treating these as separate ideas, we explored how these strategies fit together as one cohesive approach to building Thriving Communities that can support long-term demand.
Attendees also heard a first look at the fund’s initial investments, including two Missouri properties already acquired, along with how DLP is thinking about asset optimization, diversified revenue streams, and long-term value creation across the portfolio.
Current Investments:
- Two Missouri RV resorts totaling over 725 units, including cabins, chalets, Conestoga wagons, RV sites, and more.
- Targeting 50–60% revenue growth over the next few years through strategic enhancements and marketing initiatives.
Upcoming Properties:
- St. Augustine Ocean Club Retreat, FL: 169 waterfront cottages with private ocean access, pools, rooftop clubhouse, and event space
- Pine Royale / Callahan Club & Resort, FL: 450 sites including 260 cottages and 190 luxury RV sites, golf course, water park, and restaurants.
- Island Oaks RV Resort, FL: 385 sites, 192 cottages, swimming lake, mini golf, kayaking, and more.
On the technical side, we covered how the fund is structured, including its 6–8 year closed-ended term, target outcomes at exit, and how cost segregation and depreciation support the strategy.
Attendees were also introduced to the DLP Lending Fund Series A Fixed Note, outlining why it plays a unique role alongside equity investments—particularly for investors thinking about capital preservation and liquidity management in today’s environment.
We’re excited to continue this journey with you—exploring unique, purpose-driven opportunities through the DLP Living Fully Community Fund. Whether you’re revisiting the session or watching for the first time, we hope these insights help you understand why this fund represents a meaningful next step for DLP Capital.