Owner, acquirer, developer and operator of self-storage properties Public Storage has acquired the ezStorage self-storage portfolio for $1.8 billion.

The portfolio includes 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand and high barriers for new property development across Washington DC, Virginia, and Maryland. With the acquisition, the firm’s Mid-Atlantic portfolio now includes 163 properties and 11.3 million net rentable square feet.

“We are pleased to acquire such an irreplaceable portfolio and once again, thank the Manganaro family and the entire ezStorage team for their partnership through this process,” said Joe Russell, CEO at Public Storage. “I am also very proud of the Public Storage team’s execution of our opportunistic growth strategy. Since the start of 2019, we have expanded our portfolio by 22 million net rentable square feet, or 13%, through $4.3 billion of acquisitions, development, and redevelopment. We continue to see broad opportunity for growth across the property acquisition and development spectrum.”