Crow Holdings Capital - Real Estate Commences Investment Focus on Self-Storage Properties
DALLAS, May 10, 2016 /PRNewswire/ -- Crow Holdings Capital – Real Estate ("CHC-RE"), a Dallas-based asset manager of private equity real estate funds, announced today that it has recently commenced investment activities in self-storage properties. CHC-RE's self-storage investment strategy will focus on new development and acquisitions of existing properties.
As of April 1, 2016, CHC-RE has acquired or provided joint venture development equity for 14 self-storage facilities, representing 9,780 units and 1,087,907 net rentable square feet. These assets are located across the United States in primary and large secondary markets with favorable demographics and job growth.
Ben Doherty, Crow Holdings Capital's Head of Self-Storage investment strategies, commented, "We have been following this sector for quite some time, and believe the timing is right to focus our investment strategy to include self-storage properties. This is particularly true because the sector is less reactive to the typical market swings that have impacted core asset classes during economic cycles. Moreover, the storage space has strong fundamentals but is a very fragmented asset class with a lack of institutional ownership, thus we are deploying a consolidation strategy of predominantly Class A product. We are excited by the opportunities we have seen in the market thus far and look forward to deploying more capital in this space."
CHC-RE's general self-storage investment strategy is to acquire newer vintage properties or form joint ventures to develop Class A storage properties. Specifically, CHC-RE will target well-located properties that provide an opportunity for operational improvement, expansion of the existing property, or the repurposing of existing buildings, and development sites, where fundamentals warrant new product.
About Crow Holdings Capital – Real Estate:
Crow Holdings Capital – Real Estate ("CHC–RE") is a North America-focused asset manager of private equity real estate funds. Since 1998, Crow Holdings (the predecessor to CHC-RE) sponsored the first of eight private equity real estate funds, and CHC-RE is now the investment advisor to the remaining funds. Over the past 18 years, these funds have raised over $6.25 billion in equity commitments including approximately $800 million in equity commitments from Crow Family Holdings.
Crow Holdings Realty Partners VII, L.P. is the latest fund in the series with approximately $1.85 billion in equity commitments. The fund is currently in its four-year investment period and has closed 40 investments as of December 31, 2015.
CHC–RE is managed and directed by an investment team of seven members, who on average, have worked with CHC and CHC-affiliated entities for more than 23 years. The firm's breadth of experience investing through real estate cycles coupled with a strong alignment with its valued partners advise a cautious – but agile – strategy that includes acquisition, value creation, and development.
For more information on CHC-Real Estate, please visit www.crowholdingscapital-re.com.
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SOURCE Crow Holdings Capital - Real Estate
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