Axxcess Capital Ventures LLC and Troy Downing, former president of Universal Self Storage Acquisitions, have formed a joint venture to acquire self-storage properties in major markets throughout the United States. The new venture, AC Self Storage Solutions LLC, will operate under the brand name AC Self Storage. It plans to acquire and hold more than $1 billion in income-generating self-storage units over the next several years.
AC Self Storage will also focus on niche markets such as mid-sized communities anchored by military installations, and resort and second-home markets where boaters and outdoor enthusiasts need secure locations to store equipment and small boats and trailers during the off season.
Over the past 10 years, the principals of AC Self Storage have managed more than 40 real estate equity funds totaling more than $1 billion in raised equity and 75 self-storage properties representing $2 billion in asset value.
Downing is a managing member of the joint venture, headquartered in Newport Beach, Calif., and a principal in All American Property Management Inc. of San Diego. Beginning his eclectic career in academia as a research scientist in New York University Media Research Lab, his professional accomplishments include teaching in the NYU Information Technology Institute, launching technology company WebCal Inc., which was later merged with a fledgling Yahoo!, investing in Silicon Valley startups, and selling institutional-grade properties worth $125 million.
Axxcess Capital is owned by Newport Beach, Calif.-based Axxcess Capital LLC, which provides advisory services in alternative investments, wealth building, real estate client services, and acquisitions for institutions, corporations, individuals and foundations.