Boardwalk Development Group, LLC Announces the Launch of Boardwalk Storage Fund I, LLC, A $50.0 Million Investment Fund Focused on Acquiring Self Storage Assets Located in the Southeastern US.
Atlanta, Georgia – January 6, 2015 – Boardwalk Development Group has launched Boardwalk Storage Fund I, a $10M equity investment fund, which will be levered to purchase $50M in Self Storage assets. The investment Fund has placed its first property under contract to acquire and has created a pipeline of additional acquisitions that will follow. Boardwalk Storage Fund I, will acquire REIT quality, self storage assets located in fast growing markets in the Southeastern US and create a portfolio that can gain operational efficiencies. The properties the Fund will acquire will be well located, highly visible, cash flowing and have room for expansion.
The Fund will increase the value of its portfolio assets by expanding the self storage footprint of the acquired properties to increase revenues and net operating income (NOI). The Fund will also invest in improving the customer experience at each property by upgrading the look and feel of the rental offices, gate and camera systems, website and online rental ability and offer a 24-hour one-site rental center.
Rajen J. Sheth, CEO, Boardwalk Development Group says, “Our goal is to create a geographically-focused portfolio of REIT quality self storage assets and increase value by expanding the footprint of each property to meet growing market demand. We have significant experience and have developed a successful track record in self storage acquisitions and creating portfolio value. We look forward to doing it again.”
About Boardwalk Development Group
Boardwalk Development Group (BDG), LLC, is a Self-Storage Acquisition and Development company located in Johns Creek, a northern suburb of Atlanta, Georgia. Mr. Sheth founded BDG after the sale of ValueSpace Storage Fund I in 2015. ValueSpace Storage Fund I was his first self storage investment fund and was similarly focused on acquiring existing storage assets. This Fund generated returns of 110% when the assets were sold to National Storage Affiliates, a publicly traded national self storage real estate investment trust (NYSE: NSA).