SROA Capital Completes First Close of Self-Storage Acquisition Fund IX

June 9, 2023

1 Min Read
SROA Capital Completes First Close of Self-Storage Acquisition Fund IX

SROA Capital LLC, which operates the Storage Rentals of America brand, has completed the first closing of its ninth self-storage acquisition fund, SROA Capital Fund IX, after securing $230 million of its $750 million goal. Up to 15% of the fund will be used for originating senior bridge loans, mezzanine loans and preferred equity investments to self-storage developers and operators, according to a press release.

“We are looking for investment opportunities across the capital stack in self-storage. SROA is excited to continue to expand its credit investing to its broader investor base having round-tripped nearly $100 million in credit strategy with strong returns over the past five years,” said CEO Benjamin S. Macfarland III. “The turmoil in the banking sector and volatility in the interest-rate environment should be well-received in the market by developers and operators seeking flexible bridge capital that can move quickly to help them weather the storm.”

Of the capital commitments received, 75% came from returning investors including foundations, insurance companies, health systems and single/multi-family offices, the release stated.

SROA intends to host two more investment rounds for Fund IX this year, with a final closing anticipated next year.

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 18 million square feet of self-storage at approximately 350 properties primarily in the Midwest, Northeast and Southeast.

Source: Accesswire, SROA Capital Expands Bridge Financing Program for Self-Storage Industry

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