New Self Storage Platform Makes Debut Deal
Capital Growth StoreGuard has purchased a facility in Georgia.
Capital Growth Buchalter, known as CGB, has launched a new affiliate called Capital Growth StoreGuard, targeting the rapidly expanding self storage industry.
The new company recently closed on its initial value-add acquisition with the purchase of a self storage facility in Hinesville, Ga. The property features 39,236 square feet of storage space across 358 units, with the new owner planning to add 12,000 square feet and 137 new units to the facility.
StoreGuard is also planning enhancements to will improve security, cleanliness and operational efficiency at the property.
The new company’s principal officials, former Public Storage executive Mike Vahle and real estate professional Eric Buchalter, have extensive experience in self storage, as well as backgrounds in development and organizational leadership.
“In completing the Hinesville transaction, one challenge was navigating the financial environment,” StoreGuard managing partner Vahle told Multi-Housing News. “Another was understanding the local codes and regulations to optimize the property and create additional storage space. CGB has relationships with various banks and other lending institutions that we utilize on a regular basis. And we also bring new lenders into our business when needed. We find it is always best to work with lenders who understand the real estate sector in which you are working to fund projects.”
Targeting the Sun Belt
StoreGuard’s primary purpose is to locate self storage opportunities within and beyond the Southeast, said Vahle.
“CGB will benefit from the fact StoreGuard will be turning over an extensive amount of opportunities looking for those that fit the established criteria for new projects,” he added. “In that process, there will be opportunities where something may not work for StoreGuard, but it may be an opportunity where one of the many brands CGB or its development partners represent can step in and perform a successful project.”
Last month, Highline Real Estate acquired an East Georgia self storage facility.