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ASB/Arcland JV Partners on Self-Storage Portfolio
ASB Real Estate Investments and Arcland Property Company have closed a joint venture to acquire a 595,888-square-foot self-storage portfolio of eight buildings located in markets concentrated throughout Virginia and Maryland. The two Washington, DC-based companies entered the JV on behalf of the ASB Allegiance Real Estate Fund, a $7.4-billion core vehicle. The seller was Chesapeake Resources, Inc.
The eight buildings in the Mid-Atlantic self-storage portfolio were constructed between 2000 and 2019 and include 5,663 units at near 96% total occupancy. Most units are climate controlled with favorable ground-floor access and average more than 100 square feet.
Nicolas Franzetti, managing director at ASB, said, “This acquisition advances ASB’s strategy to expand the Allegiance Fund’s self-storage portfolio into one of the most diversified and well positioned among institutional investors. Ongoing demographic shifts, strong demand for apartments, and work-from-home trends all benefit self-storage and will drive prospects for continued income growth.”
- ◦Sale/Acquisition
