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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).