Prime Group launches second self-storage fund
Prime Group Holdings has launched Prime Storage Fund II, according to IREI’s FundTracker database.
Prime Storage Fund II is a value-added real estate fund that will invest in self-storage properties across the United States. The closed-end fund has a maximum fundraising size of $750 million and has currently raised $200 million in equity commitments so far. The fund has a target final close scheduled for July 31.
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 United States.