Houston Municipal commits $20m to storage fund
Houston Municipal Employees Pension System has committed $20 million to Prime Storage Fund II, according to Pete Koops, communications specialist.
Prime Storage Fund II is managed by Prime Group Holdings. The value-added/opportunistic real estate fund focuses its investments in self-storage facilities throughout the United States. The fund opened in early 2017 with a $675 million maximum fundraising target and has raised $485 million so far.
The fund’s predecessor, Prime Storage Fund I, held a $154 million final close in 2016, with $131 million deployed. The fund opened in October 2015 with a $175 million equity fundraising target.
Prime Group owns and manages more than $800 million of self-storage properties. Its portfolio totals more than 7.3 million rentable square feet contained in more than 125 self-storage facilities in geographically diverse markets throughout the Unite