Clear Sky Capital Inc., a real estate firm and fund manager with interests in self-storage, has launched an investment vehicle to expand its platform through new development and value-add acquisitions in the West. The venture includes the recapitalization of two The Collective Self-Storage facilities in Arizona as well as Vista Self-Storage in California, which will serve as the seed portfolio for the vehicle, according to a press release.
The Phoenix and Laveen Village, Arizona, properties were built last year and are currently in lease-up. The Vista, California, site is under construction and scheduled to be complete next year. The three properties combined will offer 2,900 units.
Clear Sky worked with real estate and investment-management firm JLL Capital Markets to form the vehicle. In addition to the recapitalization, JLL arranged five-year, fixed-rate acquisition and construction loans through Enterprise Bank, the release stated. Its team included directors Jason Carlos and Sher Hafeez, senior managing directors Steve Mellon and Brian Somoza, and executive managing director Kevin MacKenzie.
“This is an important transaction for us as we continue to scale our business, and together with JLL, we were able to find a group of market-leading institutional-capital partners that share our vision and bring valuable expertise and perspective,” said Chris Herthel, chief operating officer for Clear Sky. “We very much look forward to the road ahead with them.”
Founded in 2009, Clear Sky and its affiliates have acquired or developed more than $1.3 billion of real estate and operating assets across the United Kingdom and United States, the release stated. The company’s real estate portfolio includes car washes, manufactured housing, multi-family housing and self-storage.
JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers. Its parent company, JLL, is a Fortune 500 company with operations in more than 80 countries and a global workforce of 102,000.