MG Self-Storage Fund Sponsor Breaks Escrow on 2nd Self-Storage Acquisition Platform, Raises $7,615,000 in equity & closes on 3 Self-storage properties.
RALEIGH, N.C., July 26, 2019 – Mainstay Global is pleased to announce that on July 10th, 2019 the MG Self-Storage Fund’s sponsor broke escrow and admitted $7,615,000 of initial equity raised via investor relationships and foreign syndicate partnerships including a recently announced partnership with Mainstay Global of Austin, TX. The sponsor ultimately endeavors to raise $30,000,000 for this 2nd self-storage acquisition platform offering.
Further, the Fund is pleased to announce that the first three self-storage assets have been closed for the new portfolio. The three assets are located in Charlotte, NC, Elgin, IL and Columbia, SC and were closed on July 10th, July 23rd & July 25th, respectively. Repositioning and renovation efforts onto an unmanned self-storage management & technology platform has begun on all 3 self-storage assets.
The goal of the MG Self-Storage Fund is to acquire, renovate and convert self-storage properties to unmanned, automated platforms. Once converted, the facilities can be efficiently and effectively operated using technology and remote support.