SAFStor Launches SAFHarbor Opportunity Fund LLC to Develop 3 Self-Storage Facilities

July 10, 2024

1 Min Read

SAFStor Inc., a self-storage developer doing business as SAFStor Old Lincoln LLC, launched a Regulation D 506(c) offering, SAFHarbor Opportunity Fund LLC, with plans to develop three facilities in Connecticut, Pennsylvania and Texas. The fund aims to raise $23 million from accredited investors, according to a press release.

Each site will be owned by the fund through a joint venture with SAFStor SH Holdings LLC.  The fund is targeting a 10% preferred return with a three- to eight-year hold. The minimum investment is $50,000.

Once built, each facility will comprise 103,000 square feet of climate-controlled self-storage. The projects include a 1.8-acre property in Danbury, Connecticut, that’ll offer 692 units; a 3-acre site in Morrisville, Pennsylvania, that’ll contain 861 units; and a 1.8-acre parcel in El Paso, Texas, that’ll comprise 795 units. They’ll be managed by real estate investment trusts CubeSmart and Extra Space Storage Inc., the release stated.

“We are excited to launch SAFHarbor Opportunity Fund LLC,” said Andrew Young, CEO and cofounder of SAFStor Inc. “Self-storage is a historically resilient asset class that offers a variety of potential benefits. Given our team’s extensive experience and relationships, we believe we may offer our partners and investors a unique opportunity in an often-overlooked space.”

Founded in 2017, Daytona Beach, Florida-based SAFStor Inc. operates 31 locations nationwide comprising 5 million square feet, with another 1.4 million under construction.

CubeSmart owns or manages 1,425 self-storage facilities across the United States. Its operating portfolio comprises about 90.7 million square feet. 

Headquartered in Salt Lake City, Extra Space owns or operates more than 3,714 self-storage facilities nationwide under the Extra Space, Life Storage and Storage Express brand names.

Source:
PR Newswire: SAFStor Launches SAFHarbor Opportunity Fund LLC

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