Realty Mogul, an online real estate capital platform connecting accredited and institutional investors to real estate investment opportunities, announced on Thursday (October 23rd) that it has successfully crowdfunded a Florida self-storage facility acquired by StoreSmart Self-Storage, which is a national developer of, and asset manager for, premier self-storage properties.
Realty Mogul’s accredited and institutional investors contributed more than $3 million in aggregate equity financing to help StoreSmart acquire the facility. This marks the second self-storage facility that Realty Mogul has helped StoreSmart finance.
The property, Apollo Storage, is a 112,030 square foot self-storage facility located in Melbourne, Florida. The primary objective of the investment is for StoreSmart to acquire, renovate, re-brand and more fully lease the property before reselling it at the end of the anticipated hold period. Investor distributions are projected to begin after the first full quarter of operations following the closing of the acquisition.
CEO and founder of Realty Mogul, Julliene Helman, noted,“Self-storage facilities continue to be a popular asset class for real estate crowdfunding because they consistently produce steady income to investors. Regardless of how the economy is doing, people will always need to store their stuff. In addition, Reliant, the real estate management affiliate of StoreSmart, conducted a study based on a variety of factors and confirmed that potential demand for self-storage space in this market is strong.”
Built in 2006, the Apollo Storage facility is located on North Apollo Boulevard, a traffic artery in the region with that StoreSmart reports as having average traffic counts of over 21,000 vehicles per day. The property consists of nine buildings, spread out over more than 10 acres. An expansion will add an additional 42 units of 8,800 square feet total. The storage structures are all single story, pre-engineered metal buildings with keypad controlled entry, and the property includes climate controlled and non-climate controlled units.
Managing Principal of Smartmart Self-Storage, Lewis G. Pollack, stated,“We are always aggressively seeking new investment opportunities. Realty Mogul has been a great partner in marketing the Apollo Storage investment opportunity to accredited and institutional investors, which resulted in quick and efficient funding of the transaction.”
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