As we approach the midpoint of the year, we’re pleased to provide an update on the progress and performance of our Opportunity (“Car Wash”) Fund. This offering, launched in partnership with our operational partner Olympus Pines and Tommy’s Express Car Wash, is built to deliver capital growth, income, and pass-through tax benefits to our investor community.
Here’s a breakdown of how our car wash fund is performing and developing across key U.S. markets.
Operational Highlights
Charleston, SC: Outperforming Benchmarks
Opened in Q4 2024, our Charleston location has been a standout performer. Just 23 weeks into operations, it has exceeded 2,000 monthly recurring memberships. This is a major milestone typically associated with long-term breakeven. Current performance is more than 15% ahead of the average ramp-up pace for new Tommy’s Express locations, indicating strong market fit and operational execution.
San Antonio, TX: Rapid Membership Growth
Launched during the slower Q3 season in 2024, the San Antonio site has shown consistent momentum. Recently, it doubled its recurring member base from approximately 900 to over 1,700. Growth was boosted by seasonal factors—such as increased wash demand during the spring pollen season—and is now being further supported by the site’s expanding fleet program, which is targeting local dealerships, rental car agencies, and enterprise clients.
Development Milestones
Progress on the remaining four sites is well underway. In Lincoln, NE, land clearance has been completed, and vertical construction is expected to begin shortly. As for the other locations, in Fairfax, VA, Mt. Laurel, NJ, and Columbia, SC, the remaining sites are slated to break ground in early Q3 this year.
Each project follows a standard nine-month build cycle, so we anticipate that all locations will be fully operational by Q2 2026. Despite recent tariff adjustments, PPR has proactively secured assurances that the construction budgets for these sites will remain unaffected.
What This Means for Investors
The first quarter of 2025 has affirmed our core investment thesis: operational sites are outperforming expectations while development projects remain firmly on track. This progress directly benefits our investor community in meaningful ways. With Charleston exceeding early benchmarks and San Antonio scaling rapidly, the fund is poised to begin generating cash flow sooner than initially projected. These early indicators suggest that our strategy of selecting high-growth markets and leveraging Tommy’s standardized operational model is working. Additionally, our commitment to maintaining construction timelines and avoiding cost overruns will set us up for success as the new locations come online next year.
Importantly, the fund’s revenue-producing locations and development pipeline positions us well for both short-term income generation and long-term appreciation. As more sites stabilize and our development footprint expands, we believe this portfolio will become increasingly attractive to institutional buyers, creating the potential for a strong exit multiple down the line.
These developments make it clear that PPR’s Opportunity Fund is delivering on its promise to generate recurring income and build long-term value for PPR and its investors.
