Represents the Largest Self Storage Fund Ever Raised
SARATOGA SPRINGS, N.Y.–(BUSINESS WIRE)–Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced that it successfully closed its third flagship self storage fund, Prime Storage Fund III, LP (“Fund III” or the “Fund”), at the Fund’s hard cap of $2.5 billion, exceeding its $1.5 billion target. Fund III, which closed in December 2022, is the company’s largest fund to date, and the largest fund ever raised focused exclusively on self storage.
The Fund received significant support from a diverse global base of new and existing Prime Group investors, including sovereign wealth funds, public pension plans, university endowments, banks, insurance companies, family offices and foundations. Over 30 countries are represented in the Fund’s investor base.
Fund III builds on Prime Group’s proven strategy of acquiring self storage assets in undersupplied markets across the U.S. and streamlining operations through institutional management. Prime Group will continue to use its proprietary resources to directly source off-market transactions and provide full-service property management. To date, Fund III has deployed 18% of its total equity.
Robert Moser, Prime Group’s Founder, Principal, and Chief Executive Officer, said, “We are pleased to have closed our third flagship fund, the largest in history in the self storage sector. This achievement is a testament to the strength of our platform, our differentiated, data-driven investment approach and experienced team. We are grateful for the support from our new and existing investors as we seek to continue to capitalize on a resilient asset class to deliver market-leading investment performance.”
Douglas Kotelly, Chief Investment Officer, added, “We continue to identify opportunities to aggregate and institutionalize ownership and management across the North American self storage market. We have deployed capital from Fund III into assets for which we believe we can execute value-add business plans and best utilize our management capabilities. We look forward to leveraging our team’s real estate investment experience as we pursue superior returns for our investors.”
Prime Group is one of the largest private owners of self storage assets in North America and among the first vertically integrated investment firms to raise private equity funds dedicated to the sector. Since inception, Prime Group has owned and operated over 320 self storage facilities representing approximately 180,000 storage units and over 22 million rentable square feet.
About Prime Group Holdings
Prime Group Holdings is a vertically integrated private equity real estate firm focused on self storage and other alternative real estate asset classes, managing assets worth approximately $4 billion on behalf of a global investor base. Headquartered in Saratoga Springs, NY, with a regional office in Jupiter, FL and investment origination offices in Denver, CO, and Hackensack, NJ, the firm has more than 500 employees, including investment professionals, property managers, an investor reporting team, construction and marketing personnel, and deal-sourcing professionals. For more information, please visit https://www.goprimegroup.com/.
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.