Mount Pleasant, SC – Ziff Real Estate Partners ("ZRP") has closed on $50,000,000 of equity to launch the ZRP Storage Opportunity Fund. The Fund will utilize a value-add strategy to acquire and expand existing storage properties, redevelop non-storage structures into Class A storage facilities, and develop new ground-up storage properties.
Over the past decade, ZRP has proven their strategy through $250+ million of self-storage investments totaling 1.5 million square feet across 18 properties in six states. The firm has produced a net IRR of 21% and a 2.5x MOIC on realized storage investments.
In a statement from Sarah Brantley, Director of Investor Relations, “We are proud to launch this fund with such strong backing from our existing investors and are delighted to welcome new investors joining us for the first time. To be able to close the fund from initial marketing to fully subscribed in less than five weeks is a testament to our firm’s proven strategy for the fund and the strength of the product type.”
The Fund intends to acquire or develop approximately 15 properties. To date, the Fund has closed on one property and is set to close on another two properties by the end of the year, with three more in the later stages of due diligence.
Founded in 1991, ZRP has owned over 7,300,000 square feet of commercial real estate assets and has completed over 150 commercial real estate transactions as principals and investment managers, representing a buy/sell transaction volume of $800,000,000.
Additional information on Ziff Real Estate Partners may be found at www.ziffcre.com.
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