CHARLOTTE—Realty Mogul just announced the first-ever crowdfunded self-storage facility. The marketplace for accredited investors to pool money online and buy shares of pre-vetted properties helped raise $1 million to convert a self-storage facility into a StoreSmart-branded store through a private placement typically offered only to larger institutional investors.

“The fundamentals of both the property and its market area are solid,” says Jillian Helman, CEO of Realty Mogul. “The facility is in a strong market area but had below-market overall occupancy due to the deferral of some needed renovation as well as leasing and management issues that we believe can be corrected by our partners in the transaction, StoreSmart.”

The infusion of capital into the newly-acquired 168,540 square foot self-storage facility, spanning 24 buildings in Fayetteville, N.C. will smooth the transition into a new operating center for StoreSmart. Inside Self Storage magazine has named StoreSmart one of the top self-storage operators in the US.