Storage Ventures Expands Footprint with Self Storage Portfolio Acquisition in Upstate NY
The six asset portfolio, spanning over 285,000 SF, triples the company's holdings in the Northeast
Storage Ventures, a vertically integrated real estate investment management platform focused on self storage and related sectors, today announced the acquisition of five self storage assets totaling approximately 273,000 square feet and one 12,000-square foot retail center in Watertown and Evans Mills, NY. The acquisition marks a significant expansion for the emerging investment manager, tripling the size of its existing portfolio to nine assets across New York, New Hampshire and Massachusetts.
The transaction was supported in part by an investment from publicly traded self storage specialist SmartStop Self Storage REIT (NYSE:SMA).
The Watertown Metropolitan Area lies along I-81, a major throughfare connecting Syracuse, NY, and Kingston, Ontario, Canada. The area is an attractive market for real estate investment due to its strong quality of life driven by low cost of living, sense of community and access to major attractions and outdoor activities. The portfolio is situated in close proximity to Fort Drum, a major U.S. Army base and the largest employer in the region with approximately 19,000 service members and civilian personnel, driving consistent local demand for self storage and retail.
"This acquisition marks a pivotal moment in Storage Ventures' evolution and reflects our team's commitment to identifying uniquely attractive assets in strategic markets and unlocking value through disciplined execution," said Storage Ventures Founder Douglas Lee. "These properties are well positioned to serve the Watertown community due to their close proximity to population centers and array of configurations, and our planned operational initiatives are expected to unlock incremental value. Our team's deep well of experience, proven investment approach and outstanding track record position us to ensure that these assets best serve local demand while generating compelling risk-adjusted returns for our investors."
Lee added, "The self storage sector remains highly fragmented, creating opportunities for vertically integrated, institutional-oriented platforms like ours to enhance storage offerings for customers while unlocking value for investors. This transaction reflects a strategic step forward in scaling our business as favorable industry fundamentals and unique investment and operating strategies continue to propel our expansion plans."
About Storage Ventures
Headquartered in Greenwich, Connecticut, Storage Ventures is a vertically integrated real estate investment management platform focused on self storage and related sectors. The firm leverages its real estate investment experience to create tailored solutions for investors and to generate attractive risk-adjusted returns. Storage Ventures believes that its investment performance is enhanced through sector specialization, vertical integration and alignment of interests.
For more information, please visit www.storageventuresllc.com.
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