Newmark has arranged a $300 million programmatic joint venture between Maya Capital Partners (Maya) and Artemis Real Estate Partners focused on high-quality, value-add self-storage assets in the northeastern United States. The Newmark team was led by Vice Chairmen and Co-heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub.
Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certificate of occupancy lease-up plays with the goal of creating a diverse portfolio of assets. The venture was seeded by the acquisition of a 1,120-unit Class A self-storage asset in New Rochelle, New York. The 96,693-square-foot facility consists of a single, four-level building that is 100% climate controlled.
The venture will utilize Maya’s existing “Drive Up Storage” brand, a tech-forward operating system, remote management and deep data analytic capacity and on-site, kiosk-driven customer interaction and interfacing.
“Maya has great success in the self-storage space and this new venture with Artemis will allow them to vastly expand their platform as they grow to become one of the preeminent storage operators in the region,” said Roeschlaub.
The effort to raise capital for the project is part of Newmark’s continued push into complex joint venture financing.
