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SROA Capital Closes Oversubscribed Self-Storage Acquisition Fund VIII at $650M

March 18, 2022

1 Min Read
SROA Capital Closes Oversubscribed Self-Storage Acquisition Fund VIII at $650M

SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone brands, has closed its eighth self-storage acquisition fund, SROA Capital Fund VIII LP, after oversubscribing its $500 million goal to hit $650 million. The company also raised about $200 million from limited partners for co-investments that’ll be made alongside Fund VIII, according to a press release.

To date, the fund has acquired 123 self-storage facilities comprising more than 7.2 million rentable square feet. SROA expects to deploy the remainder of the fund in the next 12 months, the release stated. Its purchases include the 79-facility StayLock Storage portfolio, acquired in August.

“This success is a testament to the strength of our dedicated self-storage strategy and operating platform we’ve built over the last decade,” said Benjamin S. Macfarland III, CEO and founder. “Investors in search of yield have gravitated to self-storage due to its ability to generate consistent growing dividends and to protect against inflation. This is a major reason why storage outperformed other real estate asset classes throughout the great financial crisis and COVID pandemic.”

SROA received investments from a diverse group including family offices, foundations, global-asset managers, insurance companies, public and private pensions, and wealth managers in Europe, Latin America and North America, according to Owen Holm, managing director of investor relations and head of capital raising.

Based in West Palm Beach, Florida, SROA is a real estate investment company focused on the acquisition and operation of self-storage properties nationwide. It owns and operates more than 14 million square feet of self-storage at 310 properties across 23 states.

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