Crowdfunding Hits the Self-Storage Market

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.”