Investment Overview

Dark Canyon RV Park is a 178-site property located in Carlsbad, New Mexico. The space mix is comprised of 161 RV lot rents, 15 modular home lot rents, and two park-owned modular duplex rentals. The property was built in 2018 on 17.11 acres. They operate on city water and sewer with all utilities paid for by the ownership except for electric which is billed back to some tenants. Carlsbad sits in the Delaware Basin, the deepest and thickest sub-basin of the greater Permian Basin, covering roughly 13,000 square miles across southeast New Mexico and West Texas. Top operators active in the basin include Occidental, EOG Resources, Devon Energy, ConocoPhillips, and ExxonMobil. ExxonMobil has drilled and completed 1,000 horizontal wells in the New Mexico Delaware Basin since 2017 and maintains a local office in Carlsbad. Permian Resources closed a $608 million acquisition of roughly 13,000 net leasehold acres from Apache Corporation in June 2025, expanding its position in Eddy and Lea counties. Coterra Energy completed integration of its Delaware Basin acquisitions in 2025 and generated $4.0 billion in cash flow from operations for the year. New Mexico’s crude oil production hit a record 2.26 million barrels per day in March 2025, more than doubling since 2019, with 80% of the growth occurring on federal lands in Lea and Eddy counties. Southeast New Mexico is emerging as a hub for large scale data center and nuclear energy investment. In November 2025, New Era Energy and Digital announced plans for a hyperscale AI data center campus in Lea County, calling for more than 2 GW of natural gas fired generation and 5+ GW of nuclear power, with first power generation expected in 2028. Urenco USA operates the only commercial uranium enrichment facility in the United States at its National Enrichment Facility in Eunice. In June 2026, the company announced a multi-billion dollar expansion adding 2.1 million SWU of capacity, a nearly 50% increase, supporting up to 600 jobs during peak construction and up to 70 new long term operations jobs. Urenco USA is also mid-way through a separate 700,000 SWU capacity expansion started in May 2025, with new cascades coming online ahead of schedule and on budget. The company has invested more than $5 billion in the Eunice facility since 2006 and employs a workforce of more than 500. In an article released August 22, 2025, New Mexico tourism hit a record $8.8 billion in visitor spending during 2024, representing $200 million growth over 2023. The state attracted 42.6 million visitors in 2024, the first time exceeding 42 million annually. International tourism grew 10.4% in 2024, with international visitors spending an average $925 per trip compared to $194 for domestic travelers. Lodging captured the largest share of visitor spending at $2.8 billion, followed by dining at $2.1 billion and retail at $1.4 billion. The tourism industry supported 95,212 jobs statewide, representing over 8% of total New Mexico employment. Visitor spending generated $839 million in state and local taxes, reducing the average household tax burden by $980. This growth represents the third consecutive year of tourism expansion, adding $1.4 billion in spending over five years. The total economic impact including multiplier effects reached $12 billion statewide. International visitors contributed $691 million despite representing only 750,000 visits.