Passive Storage Investing (PSI) and TriCore Investment Group have launched TriCore Storage Fund I LLC to pursue self-storage acquisitions. The $25 million fund is open to accredited investors and will pursue properties in “high-performing” U.S. markets with value-add opportunities. It’s closed four deals thus far, according to a press release.
The fund’s first three acquisitions are in Florida. It’s most recent purchase is a 63,365-square-foot strip mall in Canton, Ohio, that’ll be converted into a climate-controlled storage facility. The fund also has properties under contract in South Carolina and Texas, the release stated.
“We are excited about the current facilities and the pipeline full of future acquisitions for the fund,” said Scott Dahin, CEO of TriCore Investment Group.
The fund is offering class A-1 shares for a minimum $1 million investment. The shares have a preferred return of 8%, an 80% split of cash distributions and a targeted internal rate of return (IRR) of 22%. It’s also offering class A-2 shares for a minimum investment of $50,000. The have a preferred return of 8%, a 70% split of cash distributions and a targeted IRR of 20%, according to the PSI website.
Founded by industry veteran Scott Meyers, PSI provides investment opportunities in commercial real estate including self-storage. Meyers is also principal of Kingdom Storage Holdings, whose affiliated companies focus on the acquisition, development and syndication of self-storage facilities nationwide. His owned portfolio comprises more than 2.2 million square feet in about 13,000 units.
Based in Altamonte Springs, Florida, TriCore is a real estate investment and asset-management company that specializes in multi-family and self-storage property. Its principals have more than 35 years of experience buying, holding and selling commercial real estate, according to the company website.
PR.com, TriCore Investment Group and Passive Storage Investing Announce a Fourth Property Into TriCore Investment Fund I LLC
Passive Storage Investing, Website
TriCore Investment Group, Website