Ardent Launches $150M Fund III For Class-A Self-Storage Development

The Ardent Companies has launched Self-Storage Development Fund III (Fund III), reinforcing its leadership in developing institutional-quality, climate-controlled self-storage facilities. Fund III aims to raise $150 million in equity to support the ground-up development of Class-A self-storage projects in high-demand, supply-constrained U.S. markets.

Since its first self-storage fund in 2019, Ardent has raised $170 million across two funds, developing 16 assets that have consistently exceeded performance expectations. Fund III will leverage this expertise, targeting markets with sustainable populations and limited supply. The fund’s pipeline includes 11 sites totaling approximately a million rentable square feet, with projects in high-barrier markets such as Hoboken, Long Island, and Boston. Ardent will continue partnering with top-tier operators to ensure efficient, high-quality development.

The self-storage sector remains resilient, with national REIT’s occupancy rates exceeding 90 percent and over 10 percent of U.S. households now utilizing storage. Rising demand, longer tenant stays, and increasing rental rates underscore the sector’s stability and growth potential.

“The current environment presents an especially compelling opportunity for Fund III,” said Matt Shulman, CEO of Ardent. “As the sector continues to grow and institutional appetite remains strong, we look forward to once again leveraging Ardent’s disciplined sourcing approach, rigorous underwriting and a well-established network of best-in-class partners to deliver premier self-storage products and outsized returns.”

Ardent recently celebrated the opening of Extra Space Storage in Auburn, Maine, a 75,000-square-foot facility that quickly surpassed leasing expectations. A testament to Ardent’s proven approach, the project addresses the lack of self-storage supply in the market and supports a steady population influx from Portland, as well as the area's seasonal visitors.

“Fund III offers investors portfolio diversification, conservative leverage, and access to favorable debt terms, all structured to align interests and maximize value,” said ThomasOlson, partner at Ardent and head of Ardent’s self-storage business.

For more information, visit theardentcompanies.com.