Ben Silliutoe
Las Vegas, NV (USA)
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StorRite Property Group
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Startup
Location:
Las Vegas
Industry:
Real Estate
Year Founded:
2009
Number Employees:
1-10 people
Description:
StorRite, LLC is a Nevada based real estate investment company focusing on the acquisition of self storage facilities in domestic markets. This asset class has outperformed all other income producing real estate investments throughout the current recession. StorRite is seeking acquisitions in the form of portfolios as well as single asset opportunities. The company is the Managing Partner (“Sponsor”) for the operating partnerships with equity partners. It has teamed up with equity partners for these investments. The objective is to acquire self storage properties with additional upside potential. StorRite Property Group’s initial capitalization of $800,000 from its founding partners is sufficient working capital to execute its initial strategy. However, it is seeking funding of $500,000, with a potential follow-on commitment of $500,000 to meet expanded cash requirements for earnest money deposits and due diligence on additional acquisitions. The current market opportunity and substantial soft commitments from strong capital partners for both debt and equity co-ownership investments have caused the company to re-evaluate its strategic plans and seek additional capital.