iStock illustration

Greenwich-based Storage Ventures this week announced the acquisition of five self-storage assets totaling approximately 273,000 square feet and one 12,000-square foot retail center in Watertown and Evans Mills, New York.

Storage Ventures bills itself as “a vertically integrated real estate investment management platform focused on self storage and related sectors.”

The acquisition triples the size of its existing portfolio to nine assets across New York, New Hampshire and Massachusetts.

The transaction was financed in part by an investment from publicly traded self storage specialist SmartStop Self Storage REIT.

The Watertown, New York area sits on Interstate 81 between Syracuse and Kingston, Ontario in Canada. Storage Ventures said its acquisitions there are near to Fort Drum, a major U.S. Army base and the largest employer in the region with around 19,000 uniformed and civilian personnel.

“This acquisition marks a pivotal moment in Storage Ventures’ evolution and reflects our team’s commitment to identifying uniquely attractive assets in strategic markets and unlocking value through disciplined execution,” Storage Ventures founder Douglas Lee said in a statement. “These properties are well positioned to serve the Watertown community due to their close proximity to population centers and array of configurations, and our planned operational initiatives are expected to unlock incremental value. Our team’s deep well of experience, proven investment approach and outstanding track record position us to ensure that these assets best serve local demand while generating compelling risk-adjusted returns for our investors.”