ASB Real Estate Investments (ASB) and Arcland Property Co. (Arcland) have closed a joint venture to acquire a 595,888-square-foot self-storage portfolio of eight buildings located in markets concentrated throughout Virginia and Maryland. ASB entered into the joint venture partnership with Arcland on behalf of the ASB Allegiance Real Estate Fund, a $7.4 billion core vehicle. The seller was Chesapeake Resources Inc.
The eight buildings in the Mid-Atlantic self-storage portfolio were constructed between 2000 and 2019 and include 5,663 units at near 96 percent total occupancy. Most units are climate controlled with favorable ground-floor access and average more than 100 square feet of space. Since 2006, Arcland has been a leading Mid-Atlantic self-storage owner, manager and developer, owning and developing 26 properties and managing more than 50 properties in its portfolio.
Following the acquisition, the Allegiance Fund’s self-storage holdings now comprise a best-in-clas
