SROA Launches Fund X, Targets $750M for Value-Add Self-Storage

SROA Capital LLC has launched SROA Capital Fund X, LP, its latest value-add investment vehicle focused exclusively on the self-storage sector, with a fundraising target of $750 million in capital commitments.

The vertically integrated real estate investment manager said Fund X will continue its strategy of acquiring under-managed and undercapitalized self-storage portfolios and individual assets with significant net operating income (NOI) growth potential. The firm plans to create value through its integrated operating platform, operational improvements, technology-enabled revenue management, and targeted capital investments.

"We believe that the self-storage roll-up strategy continues to offer a compelling risk-adjusted return profile, supported by a highly fragmented ownership base, a growing user base, and a durable, income-oriented cash flow model," said Benjamin S. Macfarland III, Chief Executive Officer and Co-Founder of SROA. "We expect that Fund X will allow us to continue executing the same disciplined, hands-on strategy that has defined SROA since our founding in 2013, while leveraging the scale and operating capabilities we've built over more than a decade."

The new fund follows the close of SROA Capital Fund IX, which raised more than $1.1 billion in total commitments, including co-investment capital, surpassing its fundraising target. According to the company, Fund IX attracted a broad range of institutional and private investors, including public pension plans, foundations, endowments, insurance companies, asset managers, registered investment advisors, and family offices.

"The launch of Fund X follows a period of significant growth for our platform and strong support from our investor base," said Owen Holm, Managing Director and Head of Investor Relations. "We are grateful for the continued support of our longstanding investors and look forward to partnering with existing and new limited partners as we execute on the opportunities we see across the self-storage landscape."