The experienced self-storage sponsor aims to raise $23 million for new 506(c) offering.
DAYTONA BEACH, Fla., July 9, 2024 /PRNewswire/ -- SAFStor, one of the nation's largest developers of Class A self-storage, announced today the launch of its latest Regulation D 506(c) offering, SAFHarbor Opportunity Fund, LLC. The Fund intends to raise $23 million from accredited investors for the development of three self-storage facilities in strategic locations across the United States.
The Fund plans to develop its Gen-V self-storage facility at the following three sites:
- An approximately 3.0-acre site located in Morrisville, Pennsylvania to be developed into an 861-unit self-storage facility.
- An approximately 1.8-acre vacant land site located in El Paso, Texas to be developed into a 795-unit self-storage facility.
- An approximately 1.8-acre site located in Danbury, Connecticut to be developed into a 692-unit self-storage facility.
On each site, the Fund seeks to develop institutional quality, fifth-generation self-storage facilities. The facilities will average approximately 103,000 gross square feet and will be 100% climate-controlled storage units with additional amenities such as controlled gate access and video surveillance. Location operations will be conducted by leading, national brand managers CubeSmart and Extra Space Storage.
"We are excited to launch SAFHarbor Opportunity Fund, LLC," said Andrew Young, SAFStor's CEO and co-founder. "Self-storage is a historically resilient asset class that offers a variety of potential benefits. Given our team's extensive experience and relationships, we believe we may offer our partners and investors a unique opportunity in an often-overlooked space."
Each site will be owned by the Fund through a joint venture with SAFStor SH Holdings, LLC (the sole member of the Fund's manager) with the goal of preserving and growing investors capital through the development, operation, and sale of the self-storage facilities. The Fund is targeting a 10% preferred return and a three-to-eight-year hold. The Fund has an investment minimum of $50,000.
In addition to its responsibilities to partners and investors, SAFStor integrates community-focused initiatives into each development project. These commitments include utilizing low-impact designs, allocating storage units for families experiencing hardship, and in some cases hosting a police substation to help enhance neighborhood safety.
SAFHarbor Opportunity Fund, LLC is just the latest offering from the experienced team at SAFStor. Together, the firm's principals have more than 75 years of industry experience and more than $1.1 billion in developed self-storage assets. The firm has launched 62 projects nationwide with 31 going full-cycle.
To learn more about SAFStor and SAFHarbor Opportunity Fund, LLC, please visit www.safharborfund.com or call 614.973.9830.
About SAFStor
Founded in 2017, SAFStor is a vertically integrated, volume-driven developer and owner of institutional-quality self-storage. With over 3.3 million square feet in construction and operation, and an annual development pipeline of 1.2 million square feet, the company focuses on mitigating market and development risk through the use of a proven, data-driven approach and by partnering with leading management partners such as Extra Space Storage and CubeSmart. SAFStor's principals have more than 75 years of in-depth real estate experience and have developed more than $1.1 billion in self-storage assets.
Securities offered through Chauner Securities, Inc. member FINRA/SIPC. Chauner Securities and SAFHarbor Asset Management LLC are not affiliated.
Contact: Rebecca Cleary
Spotlight Marketing Communications
(949) 427-1462
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SOURCE SAFStor
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