Prime Group Acquires 3 Self-Storage Portfolios Comprised of 30 Properties Across 10 States

June 14, 2024

1 Min Read

Prime Group Holdings LLC, a private-equity real estate firm, has acquired three self-storage portfolios containing 30 facilities across 10 states. The purchase was made in less than 90 days on behalf of the firm’s flagship investment vehicle, Prime Storage Fund III LP, according to a press release.

Together, the properties comprise 1.7 million rentable square feet. They’ll be managed by Prime Group under the Prime Storage brand name. The purchases were:

  • A 14-property portfolio consisting of 800,000 rentable square feet in the Hudson Valley region of New York

  • A five-property portfolio in Northern New Jersey consisting of 245,000 rentable square feet

  • An 11-property portfolio comprising 680,000 rentable square feet in eight states across the Midwest, Northeast and Southeast

The sellers were not identified.

“These portfolio transactions meaningfully expand our self-storage portfolio and presence across the U.S., and we look forward to leveraging our team’s extensive property-management expertise to enhance and optimize these assets,” said Robert J. Moser, Prime Group’s CEO, founder and principal. “Completed in the span of several weeks, these transactions reflect Prime Group’s acuity in identifying high-quality assets in attractive, growing markets backed by strong demographics as well as our team’s execution and underwriting capabilities.”

Prime Group owns and operates more than 300 self-storage facilities in 28 U.S. states, the islands of St. Croix and St. Thomas, and two Canadian provinces. It’s headquartered in Saratoga Springs, New York, with a regional office in Jupiter, Florida, and investment origination offices in Denver and Hackensack, New Jersey.

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