Maya Capital Partners, Artemis Real Estate Partners form $300m self-storage JV
Maya Capital Partners and Artemis Real Estate Partners have formed a $300 million joint venture to focus on high- quality value-add self-storage assets in the northeastern United States.
Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certificate of occupancy lease-up plays with the goal of creating a diverse portfolio of assets. The venture was seeded by the acquisition of a 1,120-unit class A self-storage asset in New Rochelle, N.Y. The 96,693-square-foot facility consists of a single four-level building that is 100 percent climate controlled. The asset, which just received its certificate of occupancy, will allow the opportunity for immediate lease-up at market rents to garner maximum rental revenue. CIBC provided the financing for this transaction.
Newmark arranged the $300 million joint venture. The effort to raise capital for the project is part of Newmark's continued push into complex joint venture fi