JV Launches $600M National Self Storage Platform
The partnership aims to become the largest private owner of self storage properties in the U.S.
6611 Southpoint Parkway in Jacksonville, Fla. is one of the 4,479 self storage properties managed by Extra Space Storage.
Image courtesy of Yardi Matrix
A collaboration between Blue Vista Capital Management LLC, Unified Global Alternatives Real Estate—a division of UBS—and Extra Space Storage has launched a $600 million national platform to invest in self storage assets across the U.S. The joint venture aims to become the largest private owner of storage properties in the country.
The partners plan to identify and invest in already stabilized properties, as well as value-add and development opportunities. Extra Space will be in charge of all day-to-day operations. Currently, the company manages more than 4,400 facilities across the U.S., amounting to almost 400 million square feet, Yardi Matrix data shows.
The self storage sector, lately
This year’s four of the top 10 best performing emerging self storage markets are all located in the state of Florida. Namely, North Central Florida, Jacksonville, Sarasota-Cape Coral and Port St. Lucie’s inventories amount to a total of more than 55 million rentable square feet. Out of that figure, the under-construction pipeline in all four metros reaches 4.3 million square feet.
Nationwide, September saw 2,969 self storage properties in all stages of development, according to the latest Yardi Matrix self storage report. The under-construction pipeline comprised 702 facilities, amounting to 52.5 million net rentable square feet, accounting for 2.6 percent of existing inventory.
