Self-Storage Developer Ziff Real Estate Expands Via Storage Opportunity Fund

October 27, 2022

2 Min Read
Self-Storage Developer Ziff Real Estate Expands Via Storage Opportunity Fund

Update 10/27/22 – ZRP has acquired four existing self-storage facilities since launching its Storage Opportunity Fund last year as well as two structures it plans to convert to a storage use. In total, the six assets will comprise 340,000 rentable square feet in 2,750 units and vehicle-storage spaces, according to a press release.

The operating facilities are:

  • Atlas Business Center, 2445 Hilton Drive in Gainesville, Georgia

  • J&S Self Storage, 9519 Bandley Drive in Fountain, Colorado

  • Mock’s Highway 20 Self Storage, 4298 Canton Highway in Cumming, Georgia

  • Morristown Self Storage, 126 New Line Road in Morristown, Tennessee

The conversion projects underway are 2743 Franklin Road S.W. in Roanoke, Virginia, and 2696 Old Washington Road in Waldorf, Maryland.

All of the facilities will be branded under the StoreEase name. Headquartered in Birmingham, Alabama, StoreEase Inc. acquires, develops and manages self-storage facilities. It operates 35 properties in 12 states using a virtual-management platform.

11/16/21 – 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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