The Move It self-storage brand is tapping into a $25 million pool of cash from its first-ever equity fund to add 10 to 15 facilities to its portfolio.
Tim Springer, president of Dallas-based Move It, said the company will leverage the $25 million in investment capital to spend about $100 million primarily on ground-up and certificate-of-occupancy projects. The fund launched in January.
Move It already has purchased six facilities with the equity capital, bringing its portfolio to 90 locations in six states. By year’s end, Springer envisions the company will own and operate 110 to 115 facilities, with some of this year’s new acquisitions being financed via the equity fund.
This story was featured on Sparefoot Storage Beat.