Prime Group Holdings holds $670m final close for second storage fund

Prime Group Holdings, a real estate owner-operator based in Saratoga Springs, N.Y., has held a final close for its second storage fund, Prime Storage Fund II, raising just over $670 million in equity.

Prime Storage Fund II is a value-added real estate fund. Prime Group Holdings focuses on acquiring and adding value to a growing portfolio of self-storage properties located throughout the United States and will do so through Prime Storage Fund II.

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 Holdings owns and manages more than $1.5 billion of self-storage properties. Its portfolio includes more than 180 self-storage facilities that contain over 10 million rentable square feet in a 23-state geographic footprint.