Boardwalk Storage Fund I, LLC, Closes Its First Acquisition: Friendship Storage

Boardwalk Storage Fund I, LLC, Closes Its First Acquisition: Friendship Storage

Atlanta, Georgia – April 25, 2016  Boardwalk Development Group, LLC, the Manager for Boardwalk Storage Fund I, LLC (“Boardwalk” or “The Fund”), is pleased to announce the closing of its first acquisition. The Fund successfully purchased Friendship Storage, a 37,600 Sq. Ft. storage facility with 23,400 Sq. Ft. of open and covered parking. Boardwalk has rebranded the facility as “Boardwalk Storage”.

Key Area Demographics

The Fund’s first facility is located in fast growing Cumming, GA near the major intersection of Canton Highway (GA State Route 20) and Bethelview Road. Cumming is a booming residential and business location. Forsyth County was the seventh fastest growing county in the U.S. in 2014. The U.S. Census estimates Forsyth County’s population in 2014 at 204,302, more than double the 2000 census of 98,407. The county is also one of top 25 wealthiest in the U.S. The Average Household Income in the five-mile radius around the property in 2015 was $106,821.

Value Creation Strategy

Boardwalk plans on re-developing the front office and adding a two-story façade, to improve the site’s visibility and overall curb-appeal. The interior of the office will be redesigned to improve the customer experience and allow for higher sales of moving supplies. In addition, two of the parking areas will be converted into approximately 15,000 Sq. Ft. of climate controlled, single-story, storage buildings. These changes will allow the property to increase existing rents and add additional revenue via the expansion.

Announce launch of “Boardwalk Storage Fund I”, a $50.0 Million Investment Fund focused on acquiring Self-Storage assets

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).

ANNOUNCES THE SALE OF ITS SELF STORAGE PORTFOLIO

VALUESPACE STORAGE FUND I, LLC ANNOUNCES THE SALE OF ITS SELF STORAGE PORTFOLIO TO National Storage Affiliates, a publicly traded national self storage real estate investment trust (NYSE: NSA).

ATLANTA, GEORGIA – August 26, 2015 – ValueSpace Storage Fund I, LLC is pleased to announce the sale of its portfolio of self storage assets to National Storage Affiliates (“NSA”), a publicly traded national self storage real estate investment trust (NYSE: NSA).  Following the sale, the portfolio will be managed by one of NSA’s Participating Regional Operators, SecurCare Self Storage.

Rajen J. Sheth, Managing Director of ValueSpace Storage Fund I, LLC, said, “We are pleased to have successfully navigated the downturn during the Great Recession, completed the sale of our portfolio to a public self storage REIT and delivered an outstanding return on investment to our investors.”

ABOUT VALUESPACE STORAGE

ValueSpace Storage Fund I, LLC was founded in 2007 by Rajen J. Sheth to raise capital from high net-worth investors for investment in self storage assets in the fastest growing suburban Atlanta markets.  The Fund successfully acquired and managed self storage assets, enhanced its properties, grew revenue and occupancy, and has returned capital to its investors.