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SC’s ZRP Storage Opportunity Fund Closes on $50M Equity Raise
Mount Pleasant, SC- based Ziff Real Estate Partners has closed on $50 million of equity to launch the ZRP Storage Opportunity Fund.
The fund will utilize a value-add strategy to acquire and expand existing storage properties, redevelop non-storage structures into Class A storage facilities and develop new ground-up storage properties.
The fund intends to acquire or develop approximately 15 properties. To date, the fund has closed on one property and is set to close on another two properties by the end of the year, with three more in the later stages of due diligence.
Over the past decade, ZRP has invested more than $250 million in self-storage assets totaling 1.5 million square feet across 18 properties in six states. The firm has produced a net IRR of 21% and a 2.5x MOIC on realized storage investments.
- ◦Sale/Acquisition
- ◦Financing
