Bain Capital and BlueWater Marinas Expand Strategic Portfolio with Acquisition of Boathouse Marine Center in Pompano Beach
Bain Capital’s Real Estate team (“Bain Capital”) and BlueWater Marinas (“BlueWater”), led by veteran marina industry professionals Joe Miller and Dunston Powell, have announced the acquisition of Boathouse Marine Center (“BMC”), a premier dry-stack marina located in the vibrant and highly trafficked boating hub of Pompano Beach, Florida. The transaction, which was structured as a private, off-market deal, underscores the joint venture’s strategic focus on acquiring top-tier, storage-centric marina properties in high-demand coastal regions. Financial terms of the acquisition were not disclosed.
This latest addition to Bain Capital and BlueWater’s growing portfolio marks a significant step in the firms’ broader initiative to capitalize on enduring trends within the marine real estate sector. The acquisition of BMC follows the joint venture’s inaugural purchase of Harbor at Lemon Bay, a high-performing dry-stack marina situated in the sought-after Sarasota submarket of Englewood, Florida. The addition of BMC to the portfolio signals the partners’ continued momentum in executing on their vision to establish a best-in-class marina platform along the Eastern Seaboard.
Strategic Alignment and Market Opportunity
Bain Capital and BlueWater officially launched their joint venture in 2024 with a shared commitment to acquiring and operating high-quality marina assets that offer long-term growth potential and operational resilience. The venture was born out of a recognition that the marina sector is uniquely positioned to benefit from a combination of secular tailwinds, including a limited supply of new marina developments, rising consumer preference for recreational experiences, and increased ownership of larger, more complex vessels that require specialized storage infrastructure.
“The marina sector continues to exhibit strong fundamentals,” said Andrew Terris, Partner at Bain Capital. “There are very few new dry-stack facilities being built, particularly in high-demand markets like South Florida, due to both regulatory complexity and the scarcity of available waterfront land. These structural supply constraints, combined with increasing consumer enthusiasm for boating as a lifestyle and leisure pursuit, make marinas like Boathouse Marine Center an extremely attractive long-term investment.”
Terris went on to highlight that BMC aligns perfectly with Bain Capital’s investment strategy, which emphasizes thematic, demand-driven opportunities and long-term asset stewardship. “We see Boathouse Marine Center as a flagship property within our portfolio, offering both strategic location advantages and a loyal customer base,” he noted. “Our ongoing partnership with BlueWater Marinas allows us to pair institutional capital with deep sector expertise to deliver an exceptional customer experience and strong financial performance.”
Boathouse Marine Center: A Premier Asset in a High-Barrier Market
Situated in one of the most affluent and densely populated boating markets in the country, Boathouse Marine Center is strategically located near the Hillsboro Inlet, providing quick access to the Atlantic Ocean. Pompano Beach, a submarket of Fort Lauderdale, has long been recognized as a premier destination for recreational boating, supported by year-round temperate weather, robust boating infrastructure, and a vibrant local economy centered around marine tourism and lifestyle.
BMC’s location allows it to serve a broad clientele, ranging from seasonal boaters to high-net-worth individuals who demand convenient, secure, and full-service storage options. The marina’s state-of-the-art dry-stack configuration maximizes storage density while protecting customers’ vessels from the elements—an increasingly important value proposition in a region susceptible to storms and variable weather.
The facility also offers a suite of high-touch services and amenities designed to enhance the overall customer experience, including concierge-style boat retrieval and launching, maintenance services, and on-site support staff trained to deliver best-in-class service.
An Experienced Operational Team with a Proven Track Record
The leadership behind BlueWater Marinas brings more than 110 years of combined industry experience to the table. Founders Joe Miller and Dunston Powell are seasoned marina professionals who previously built and successfully exited a leading marina brand that spanned multiple states. Their operational model emphasizes a customer-first approach, superior asset management, and a deep understanding of the local boating community.
“Bain Capital is an outstanding, highly aligned partner,” said Joe Miller, co-founder of BlueWater. “Their reputation precedes them in the investment community, and having worked with them closely over the past year, it’s easy to see why. They bring a sophisticated, thoughtful approach to real estate investing and a collaborative spirit that makes them a true value-add partner. We feel extremely fortunate to be working alongside such a respected firm as we pursue our shared vision in the marina sector.”
BlueWater’s team is expected to lead day-to-day operations at Boathouse Marine Center, applying their deep operational knowledge to ensure the facility continues to meet the evolving needs of its customers. This includes planned upgrades and enhancements aimed at modernizing infrastructure, expanding capacity, and elevating the overall customer experience.
A Vision for Continued Growth
Looking ahead, Bain Capital and BlueWater remain highly focused on expanding their footprint across the East Coast’s most dynamic boating markets. The joint venture continues to evaluate acquisition opportunities that align with its core investment criteria: premier locations, high barriers to entry, and strong potential for operational optimization.
The partners are also committed to fostering a portfolio-wide culture of customer service, innovation, and environmental responsibility. This includes exploring sustainable operating practices, such as energy-efficient marina design, environmentally responsible maintenance processes, and community engagement initiatives.
With the acquisition of Boathouse Marine Center, Bain Capital and BlueWater have reaffirmed their position as leading players in the evolving landscape of marina ownership and management. As demand for high-quality boating infrastructure continues to rise, the firms are poised to scale their platform thoughtfully and strategically—one exceptional marina at a time.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $9 billion of equity across multiple sectors. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world’s leading private investment firms with approximately $185 billion of assets under management.
About BlueWater Marinas
Headquartered in Charleston, South Carolina, BlueWater Marinas will acquire, develop and operate coastal marina assets, including both dry and wet slips. Established by former executives and key team members of PORT 32 Marinas and Atlantic Marina Holdings, alongside several marina industry top performers, BlueWater Marinas brings unparalleled expertise in marina development and management, delivering exceptional service to its customers. With a proven track record, BlueWater Marinas will build and operate a distinguished portfolio of Class A marina assets in prime markets along the East Coast.