Update 08/24/21 – BDG launched its fourth self-storage investment fund. Similar to Fund III, Boardwalk Storage Fund IV will pursue acquisitions of properties in secondary and tertiary markets throughout the South East. BDG plans to use the vehicle to purchase 12 to 15 cash facilities with the goal of operating them with “low-cost automation,” such as self-service kiosks and online rentals, according to a press release.
The company did not disclose the amount of the fund, but said it had raised $ 15 million from a group of private equity and high net worth investors.
07/28/20 – Boardwalk Development Group LLC (BDG), a private equity investment firm focused on self-storage, launched Boardwalk Storage Fund III, aimed at acquisitions of storage properties in secondary and tertiary markets in the South East. BDG plans to use the fund to purchase “stable and cash-generating” facilities with the aim of operating them with “low-cost automation,” such as self-service kiosks and online move-in features, according to the report. A press release.
BDG did not disclose the amount of the fund but said it received capital from a private equity group. The acquisition strategy is in line with its previous funds and follows the expansion of the company’s leadership through the hiring of acquisition and development directors. The company launched an $ 80 million fund in 2017, a year after its first $ 10 million fund.
Founded in 2016 by Raj Sheth, BDG is a real estate acquisition, development and management company based in Suwanee, Georgia, a suburb of Atlanta. It operates 11 self-storage facilities in the southeast and plans to acquire more than 100 storage properties over the next five years.