VanWest Partners, a Denver-based commercial real estate investment company, has launched its third fund, VanWest Storage Fund III, with a $150 million equity fundraising target.
The vehicle will target the acquisition of self-storage facilities throughout the continental United States where an opportunity exists to add value. VanWest Partners said Fund III will take an entrepreneurial approach to acquisitions, with a wider variety of deal types specifically targeting existing facilities that have strong physical occupancy but are undermanaged, new-construction deals that have not yet started leasing, new-construction deals that have suffered from insufficient capitalization or have low existing occupancy, and existing facilities that have the opportunity for expansion.
Fund III has closed on three acquisitions representing more than $30 million in total capitalization. The next round of acquisitions is scheduled to close in the third quarter and includes one property i
