WINTER GARDEN, Fla.--(BUSINESS WIRE)--Storage Point Capital and Store Space Self Storage have announced their agreement to enter into a joint venture for the origination and acquisition of select opportunistic self-storage properties.
“As Store Space continues to expand, this partnership will help maintain and create a robust acquisition pipeline,” said Store Space Co-Founder and President Rob Consalvo. “Storage Point Capital brings an expertise in finding off-market opportunities, and, based on the history of success their founders have had in other ventures, we are confident this new venture will be very successful.”
The programmatic joint venture will first concentrate on deploying Storage Point Capital’s feeder fund, with a long-term goal of continuing to build onto the partnership.
“We want to be a conduit to help Store Space reach its goal of 500 facilities nationwide,” said Storage Point Capital Co-Founder and CEO Matthew Horne.
Current economic conditions haven’t dissuaded Storage Point Capital from entering the self-storage market, even with higher debt costs and the reluctance of some owners to sell.
“When you have an economic climate like this it creates opportunity, and we think it’s only going to multiply over the next six months to a year,” said Storage Point Capital Co-Founder and Managing Partner Tom Bury. “Buyers should be able to find a lot of opportunities within this environment.”
Horne and Bury founded Storage Point Capital in December of 2022. Horne knew Consalvo from his nearly four years in acquisitions for Philadelphia-based City Line Capital. It wasn’t long until the two companies found an opportunity for partnership, Horne said.
“It's really a perfect match, where we can focus on driving the volume of deals and Store Space can take it to the finish line and manage the facilities at the highest level,” Horne said. “The beauty of this relationship is we're both positioned to really excel at what we're great at.”
Storage Point Capital
Based in Sarasota, Florida, Storage Point Capital is a preeminent real estate investment firm that specializes in the acquisition, development, and management of self-storage properties throughout the United States. Launched in December of 2022, SPC provides opportunities for investors who are looking for a passive approach to owning and investing in self-storage. If you have an acquisition or investment opportunity, contact us at info@storagepointcapital.com or visit us at www.storagepointcapital.com.
About Store Space Self Storage
Based in Winter Garden, Florida, the Store Space family of companies owns, operates and third-party manages more than 100 self-storage properties in 22 states. Store Space fuels growth and value with its experience-driven operations, state-of-the-art proprietary platforms, and strategic digital marketing programs. If you have an acquisition opportunity or would like to discuss third-party management, contact us at inquiries@storespace.com, or visit us at www.storespace.com.
