Madison Capital Group LLC, which operates the Go Store It self-storage brand and specializes in converting large retail spaces into multi-family housing and storage space, has partnered with private-equity firm FrontRange Capital Partners to expand its footprint in the Sunbelt. FrontRange will provide Madison $75 million in capital to help accelerate growth, according to a press release.
Madison recently acquired four vacant retail buildings, which it intends to convert to self-storage in Baton Rouge, Louisiana; Boise, Idaho; Melbourne, Florida; and Savannah, Georgia. It also has several multi-family projects in its development pipeline.
“We are thrilled with the new partnership and the capital it provides our various investment strategies,” said Ryan Hanks, founder and CEO of Madison. “In multi-family, we see tremendous need for quality suburban housing throughout the Carolinas, Georgia, Florida and Texas. In self-storage, our Go Store It platform continues to expand nationally through both development and acquisitions. We were able to play offense during the pandemic, and we are continuing to see interesting opportunities in our target markets.”
Based in Denver, FrontRange specializes in real estate investments and high-growth real estate businesses. “We are excited to partner with Madison Capital, which has demonstrated its ability to generate attractive returns for investors in both the multi-family and self-storage sectors,” said David Robertson, CEO of FrontRange. “We have been impressed with the Madison team’s ability to rapidly scale their operating platform over the past few years, and share their view that multi-family and self-storage properties in their target markets are likely to exhibit very attractive demand and growth dynamics for the foreseeable future. We look forward to being a part of this next phase of growth for the company.”
Headquartered in Charlotte, North Carolina, Madison is a vertically integrated real estate investment firm that acquires, develops, operates and owns suburban multi-family properties and self-storage facilities in 13 states. It has more than 2,000 apartment units under development or in planning, and owns more than 60 self-storage assets under the Go Store It brand name.
Founded in 2010, FrontRange specializes in general-partner-level investments. Since its inception, the firm has committed more than $700 million to real estate platforms and properties, the release stated.
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