Storage Point Capital and Store Space Self Storage are forming a joint venture partnership to originate and acquire self storage properties. The two companies will utilize Storage Point Capital’s feeder fund to aid in the partnership’s long-term goals.
Store Space’s aims to meet its goal of owning 500 facilities nationwide through the partnership, Co-Founder & CEO of Storage Point Capital, Matthew Horne, said in prepared remarks. Store Space currently owns, operates and manages more than 100 properties in 22 states.
Founded in December of 2022, Storage Point Capital will bring knowledge in off-market opportunities to the partnership, while Store Space will offer the benefit of facility management expertise.
In April of last year, Store Space formed a strategic partnership with QualReal Property Group to build a $1 billion self-storage asset portfolio. Store Space brought in-house technology and management expertise to the partnership, while QualReal contributed a majority of the capital.
Self storage continues to cool
According to Yardi Matrix data, the overall national street rate for self storage posted negative movement on a year-over-year basis as of February, falling 280 basis points. Of the top 31 metros, 29 markets experienced negative growth on the same timeline for 10×10 climate-controlled units.
Although year-over-year rates saw a decline, average street rates on a month-over-month basis did not change. Throughout the nation deals continue to close, such as Platinum Storage Group’s recent $11.8 million acquisition of a 86,966-square-foot self storage facility in Knoxville, Tenn.
