Update 9/29/21 – BDG has closed on its first three self-storage acquisitions under Boardwalk Storage Fund IV. The properties in Alabama, Georgia and Tennessee will add about 128,000 square feet to the company’s portfolio.
The purchases include a 31,000-square-foot facility Opelika, Alabama; a 36,000-square-foot property in Dahlonega, Georgia; and a 61,000-square-foot location in Chattanooga, Tennessee. All three will be expanded, according to a press release. The Dahlonega project will add 27,000 square feet of climate-controlled space, while the other two will get more traditional, climate-controlled and boat/RV-storage space.
8/24/21 – BDG has launched its fourth self-storage investment fund. Similar to Fund III, Boardwalk Storage Fund IV will pursue property acquisitions in secondary and tertiary markets throughout the Southeast. BDG plans to use the vehicle to purchase 12 to 15 cash-flowing facilities with the intent of operating them with “low-cost automation,” such as self-serve kiosks and online rentals, according to a press release.
The company didn’t disclose the amount of the fund but indicated it has raised $15 million from a private-equity group and high net-worth investors.
7/28/20 – Boardwalk Development Group LLC (BDG), a private-equity investment company focused on self-storage, has launched Boardwalk Storage Fund III, intended for storage-property acquisitions in secondary and tertiary markets throughout the Southeast. BDG plans to use the fund to purchase “stable and cash-flowing” facilities with the intent of operating them with “low-cost automation,” such as self-serve kiosks and online move-in features, according to a press release.
BDG didn’t disclose the amount of the fund but indicated it received capital from a private-equity group. The acquisition strategy is in line with its previous funds and comes on the heels of expanding corporate leadership through hiring directors of acquisition and development. The company launched an $80 million fund in 2017, a year after it’s initial $10 million fund.
Founded in 2016 by Raj Sheth, BDG is a real estate acquisition, development and management firm based in Suwanee, Ga., a suburb of Atlanta. It operates 11 self-storage facilities in the Southeast and plans to acquire more than 100 storage properties in the next five years.
