Boardwalk Development Group LLC (BDG), a private-equity investment company focused on self-storage, has launched Boardwalk Storage Fund III, intended for storage-property acquisitions in secondary and tertiary markets throughout the Southeast. BDG plans to use the fund to purchase “stable and cash-flowing” facilities with the intent of operating them with “low-cost automation,” such as self-serve kiosks and online move-in features, according to a press release.
BDG didn’t disclose the amount of the fund but indicated it received capital from a private-equity group. The acquisition strategy is in line with its previous funds and comes on the heels of expanding corporate leadership through hiring directors of acquisition and development. The company launched an $80 million fund in 2017, a year after it’s initial $10 million fund.
Founded in 2016 by Raj Sheth, BDG is a real estate acquisition, development and management firm based in Suwanee, Ga., a suburb of Atlanta. It operates 11 self-storage facilities in the Southeast and plans to acquire more than 100 storage properties in the next five years.