NY Self-Storage Sponsor Equity

Property Summary

Type: Self-storage
Size: 11 sites
Location: New York

Acquisition Summary

Source: Off-market, platform investment
Investment: $21.9 million
Ownership: Sponsor equity

Transaction Overview

Equity Resource Investment Fund 2017 (F2017) provided GP-level equity for 11 different self-storage development opportunities generated by a prior ERI fund’s self-storage platform investment. Based on the current underwriting for each property, the expected equity contribution for F2017 will be approximately $21.9 million in the aggregate.

F2017’s investment will be made at the property level and on an individual property basis as opposed to a portfolio basis. The 11 sites are as-of-right for self-storage development and have been thoroughly vetted by the sponsor, with whom ERI has a longstanding relationship. The principals of the sponsor are collectively a proven team of developers and contractors of over 40 self-storage facilities in the New York area.