SROA Capital Sells Self Storage Portfolio for $98M
The assets total over 6,000 units.
SROA Capital has sold a portfolio of 15 self storage properties to Washington Street Investment Partners LLC, owner and operator of the LocalStorage Group brand. The assets, located in the Southeastern U.S., traded for $98 million.
JLL Capital Markets represented SROA in the sale, which includes seven properties in Kentucky, seven in South Carolina and one in Florida. The portfolio is 90 percent occupied and totals 6,660 units with about 832,000 rentable square feet. All assets have been institutionally managed.
The properties involved in the sale were part of SROA’s earlier funds, and the firm has owned them for more than a decade, SROA founder and CEO Benjamin Macfarland said in prepared remarks.
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In October 2025, the firm closed on over $1.1 billion in commitments for its SROA Capital Fund IX, with total primary fund commitments of about $865 million and $250 million in co-commitments from limited partners. That fund is SROA’s largest to date.
The JLL Capital Markets Self Storage team representing the seller was led by Managing Director Griffin Guthneck, Senior Managing Directors Brian Somoza and Steve Mellon and Directors Adam Roossien and Matthew Wheeler.
The Southeast self storage market shines
Of Multi-Housing News’ 10 top emerging self storage markets, six are in the Southeast. Jacksonville, Fla., secured the top spot, with 10.8 net rentable square feet per capita as of December 2025—well above the national average of 7.8. Over the next five years, Jacksonville is expected to gain another 2.4 million net rentable square feet of storage space.
Other top emerging metros include Sarasota-Cape Coral, Fla. and Savannah-Hilton Head, Ga., which have 23 and 13 self storage projects, respectively, in the pipeline.
Nationally, the self storage under-construction pipeline remained unchanged on a month-over-month basis, according to a Yardi Matrix report, accounting for 2.4 percent of existing inventory as of February. February also saw the overall advertised street rate fall 1.1 percent year-over-year, with an annualized average rent per square foot of $16.10 for the combined mix of unit sizes and types.
