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SAFStor, a Daytona Beach, Florida-based developer of Class A self-storage, has launched SAFHarbor Opportunity Fund LLC as its latest Regulation D 506(c) offering.

According to the company, the new fund intends to raise $23 million from accredited investors for the development of three self-storage facilities: an approximately 3-acre site located in Morrisville, Pennsylvania to be developed into an 861-unit self-storage facility, an approximately 1.8-acre vacant land site located in El Paso, Texas to be developed into a 795-unit self-storage facility, and an approximately 1.8-acre site located in Danbury, Connecticut to be developed into a 692-unit self-storage facility.

Each site will be owned by the fund through a joint venture with SAFStor SH Holdings LLC (the sole member of the fund’s manager), while the Fund will target a 10% preferred return and a three-to-eight-year hold. The fund has an investment minimum of $50,000.

“We are excited to launch SAFHarbor Opportunity Fund LLC,” said Andrew Young, SAFStor’s CEO and co-founder. “Self-storage is a historically resilient asset class that offers a variety of potential benefits. Given our team’s extensive experience and relationships, we believe we may offer our partners and investors a unique opportunity in an often-overlooked space.”