Storage Post LLC, which operates more than 30 self-storage facilities in Louisiana, New Jersey and New York, will receive up to $500 million from a fund sponsored by Almanac Realty Investors to pursue acquisitions nationwide. The partnership will allow Storage Post to accelerate its strategic investments and growth plan, which includes acquisitions, property repositioning and new development, according to a press release.
“Our partnership with a world-class investor like Almanac combines capital, strategic guidance, and industry expertise, making us the preferred buyer in the self-storage acquisition space,” said Dylan Delaune, chief operating officer and chief investment officer for Storage Post.
“The principals of Storage Post have a 30-year track record of acquiring, developing and managing self-storage facilities. The business is vertically integrated, with significant operating and technology capabilities; and as such, we believe it to be well-positioned to achieve meaningful scale in the storage sector,” said David Haltiner, managing director at Almanac. “We are pleased to establish this well-capitalized platform in partnership with Storage Post and to support the next phase of growth.”
Based in Atlanta, Storage Post owns or manages more than 3 million square feet of self-storage.
Founded in 1981, Almanac provides growth capital to public and private real estate companies. It partners with owners across multiple sectors to accelerate company growth. It’s committed more than $6.8 billion to 49 real estate companies throughout North America, the release stated. It’s a business unit of Neuberger Berman, a private investment manager with offices in 25 countries.
Source: Business Wire, Storage Post Eyes Billion Dollar Storage Venture With Almanac Realty Investors