Texas-based Advantage Self Storage (Advantage) continues to add to its portfolio of high quality storage assets. Within the last year, Advantage has acquired over $20 million of storage property, and currently has a large pipeline of opportunities currently under review.
Online PR News – 24-June-2013 – Frisco, TX – In mid-June 20013 Advantage completed its most recent acquisition of Legendary Self Storage - a facility located in Frisco, TX with 512-units and 81,200 square feet. The three main drivers of the increase in acquisition activity are 1) an improvement in self storage market fundamentals; 2) a significant personnel addition to its management team; and 3) the formation of a new joint venture with Harrison Street Real Estate Capital (HSRE) to acquire and development storage properties. These new resources should allow Advantage to significantly increase the size of its self-storage portfolio over the coming years. New acquisitions and developments will be branded under the Advantage Storage name and will be managed by the Advantage Storage property management platform.
“Advantage Self Storage is very pleased to close the joint venture with Harrison Street Real Estate Capital and looks forward to responsibly deploying equity capital into high quality storage assets,” said Rick Jones, CEO of Advantage Self Storage. “We continue to leverage off of our enhanced management/acquisition platform with the addition of Cory Horne, Chief Operating Officer, and Davis Deadman, Partner. The storage asset class is one of the most compelling sectors among the current universe of real estate investment opportunities,” said Davis Deadman. “Advantage is thankful to have a joint venture partner that not only has a large amount of capital dedicated towards storage investment, but also has a strong understanding of the storage business.”
Founded in 2005, HSRE is a real estate private equity firm with more than $4.8 billion in assets under management through private equity funds and public securities products. The private funds focus exclusively on the self-storage, education and healthcare segments of the U.S. real estate market. The firm owns approximately $3.8 billion in real estate assets including more than 62,100 self-storage units.