Canvass Capital and Barings Form $250M JV, Buy Three Charlotte Self-Storage Facilities
Charlotte, NC-based Canvass Capital, LLC, and Barings have entered into a joint venture to acquire and develop self-storage properties throughout the southeastern US. The JV seeks to invest up to $250 million of equity into the self-storage space over the next several years.
The JV has already closed on the acquisition of three self-storage assets in Charlotte’s Lake Norman region involving multiple buildings totaling 1,129 units across 163,000 rentable square feet on more than 16 acres.
The JV has also already acquired a 3.82-acre site in Hilton Head, SC for the development of a new self-storage facility with two buildings containing a combined 1,231 self-storage units and totaling nearly 150,000 rentable square feet
Barings notes that it has strong conviction in the opportunities available in the fragmented self-storage property sector. The sector’s variety and mix of demand drivers has exhibited strong resiliency through economic cycles, particularly during the pandemic as self-storage needs increased.
- ◦Sale/Acquisition
- ◦Development
- ◦Financing