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Self-Storage Developer Ziff Real Estate Launches Storage Opportunity Fund

Ziff Real Estate Partners (ZRP), a self-storage real estate developer and owner, has closed on $50 million of equity to launch the ZRP Storage Opportunity Fund. The company will use it to expand its existing properties, redevelop non-storage structures and build ground-up projects, according to a press release.

Over the past decade, ZRP has invested more than $250 million in the self-storage industry. Its portfolio comprises 1.5 million square feet across 18 properties in six states. The firm has produced a net internal rate of return of 21% and two and a half times multiple on invested capital on realized storage investments, the release stated.

“We are proud to launch this fund with such strong backing from our existing investors and delighted to welcome new investors joining us for the first time,” said Sarah Brantley, director of investor relations. “To be able to close the fund from initial marketing to fully subscribed in less than five weeks is a testament to our firm’s proven strategy for the fund and the strength of the product type.”

The fund intends to acquire or develop approximately 15 properties. To date, it has closed on one site, with two more transactions expected to be complete by year’s end. Three additional sites are in the due-diligence phase.

Founded in 1991, ZRP has owned more than 7.3 million square feet of commercial real estate assets and completed 150-plus transactions as principals and investment managers, representing a buy/sell transaction volume of $800 million.

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