SARATOGA SPRINGS, N.Y.--(BUSINESS WIRE)--Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced the company is bringing its significant self storage expertise to the Canadian market, acquiring its first Canadian property in the Edmonton suburb of Sherwood Park, Alberta. The acquisition was made through the firm’s third flagship fund, Prime Storage Fund III, LP.
The recently constructed single-story building, located at 70 Broadview Road in Sherwood Park, is comprised of over 54,600 rentable square feet, a combined 472 indoor climate controlled and drive-up units, and 22 parking spaces. Located east of Edmonton, the Sherwood Park community offers a suburban lifestyle for families and professionals living and working in Edmonton and includes a mix of suburban residential neighborhoods as well as shopping centers, restaurants, and the Sherwood Park Mall. Already nearly 90% occupied, the property is easily accessible via car and public transportation.
“We are thrilled to bring our deep self storage sector expertise and institutional property management platform to the Canadian market as we continue to expand our business,” said Robert Moser, Prime Group’s Founder, Principal, and Chief Executive Officer. “We carefully chose the Edmonton market, as the region has experienced significant population growth in recent years due to its natural beauty, culture, history, and strong economy—particularly in the increasingly diverse and affluent Sherwood Park suburb. Accordingly, more and more residents and businesses in metro Edmonton are experiencing meaningful life changes and business opportunities that are driving the need for high-quality storage options, exhibiting similar demographic characteristics to those we see and invest in within the U.S. market. Over time, we look forward to executing our strategy across Canada, as we identify quality self storage assets backed by strong demographics and continue delivering attractive risk-adjusted returns to our investors.”
Since inception, Prime Group has owned and operated over 360 self-storage facilities representing more than 201,000 storage units and containing over 25.2 million rentable square feet. The firm operates internationally across the U.S. and Canada, with facilities spanning 28 states, the Province of Alberta, and the islands of St. Thomas and St. Croix.
About Prime Group Holdings
Prime Group Holdings is a vertically integrated private equity real estate firm focused on self storage and other alternative real estate asset classes, managing assets worth well over $4 billion on behalf of a global institutional investor base. Headquartered in Saratoga Springs, NY, with a regional office in Jupiter, FL and investment origination offices in Denver, CO and Hackensack, NJ, the firm has more than 650 employees, including investment professionals, property managers, an investor reporting team, construction and marketing personnel, and deal-sourcing professionals. For more information, please visit https://www.goprimegroup.com/.