Elite Stor Capital Partners LLC, an equity investor focused on the self-storage industry, has changed its name to SROA Capital LLC to better align with its operating brand, Storage Rentals of America. The company will remain “a vertically integrated self-storage operator focused on acquiring, developing and selectively redeveloping undermanaged facilities in select growth markets throughout the U.S.,” according to a press release.
“Our company has grown exponentially over the past few years as we acquired undervalued properties, and we felt this was the right time to more closely align our corporate identity with our consumer-facing brand,” said Benjamin Macfarland, co-founder and CEO. “We are identifying opportunistic investments [in] a highly-fragmented, undercapitalized and undermanaged industry, which is prime for consolidation. We fully expect our acquisition rate to continue on its current growth track.”
The company more than doubled its footprint in 2016 to nearly 3 million square feet. Its operating portfolio includes 57 self-storage facilities comprising 22,000 units.
“The industry is prime for consolidation, as the top 10 storage companies only control 15 percent of the facilities in the market,” the release stated. “In addition, many markets remain undersupplied with rental facilities, so growth of new facilities is expected to continue.”
In January, Elite Stor hired former iStorage executive Rob Consalvo as president and chief technology officer. Consalvo intends to build the company’s management platform, which includes implementing an automated revenue-management system, advanced digital marketing, inquiry and conversion tracking, and other automated accountability systems, according to an earlier release.
Based in West Palm Beach, Fla., SROA Capital is a real estate investment company focused on the acquisition of self-storage properties as well as direct-equity investments with developers and operators.