ALBANY – strong> Prime Group Holdings out of Saratoga Springs has recently filed a form with the SEC offering $100 million in equity.
Prime Group, run by Principals Bob Moser and Bob Morgan of Rochester-based Morgan Management, owns around $3 billion in commercial real estate. Their portfolio contains roughly three million square feet of self-storage facilities, 25,000 apartment units, and an amusement park.
In 2015 alone, the company has purchased five self-storage facilities assessed at more than $92 million. Their last New York acquisition was in November 2014 for a self-storage portfolio valued at $15 million.
Moser and Morgan are hoping to raise the $100 million in the remaining months of 2015 for a private equity fund in order to finance future acquisitions. Prime Group hopes to consolidate the self-storage asset class, believing that the consolidation possibilities are unlike any other in real estate. Alternative Access Capital, based in California, is assisting Prime Group according to the SEC filing.
Moser confirmed that there are plans for a second, larger equity round after this one is complete. There is a minimum of $500,000 equity contribution for the Prime Storage Fund.