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Patriot Holdings Launches $25MM Fund III Dedicated to Development Projects in High Demand Areas
News provided byPatriot Holdings
Jul 01, 2022, 2:43 PM ET
LAS VEGAS, July 1, 2022 /PRNewswire/ -- On May 14, 2022, Patriot Holdings launched its third fund, Patriot Fund III, to acquire land and develop state-of-the-art self-storage, small bay industrial, and industrial facilities in high demand locations.
Patriot Holdings is a commercial real estate private equity group based in Las Vegas, NV and Keene, NH. Founded in 2007 by Jeremiah Boucher, Patriot Holdings owns and operates over $280MM (AUM) of commercial real estate, representing over 70 properties comprised of over 2,000,000 square feet of commercial property.
Patriot Holdings is raising its third fund concurrently with its Fund II, which is focused on acquiring and improving existing self-storage and industrial facilities. Its first fund of $15 million received a surplus of interest and was closed to new investors on May 31, 2020.
"We see a tremendous opportunity today to not just acquire existing facilities, but to develop facilities from the ground up in locations with limited competition, with a demographic profile that matches the profiles of our most successful self-storage and industrial facilities already in the market," said Jeremiah Boucher, CEO at Patriot Holdings.
Boucher continues, "The purpose of this fund is to segment the investors that are interested in longer term projects with long term value appreciation opportunities, as opposed to more cash flow focused funds like our first and second fund."
Patriot Holdings has grown a vertically integrated team in-house with over 50 real estate professionals across several key divisions. By developing an in-house engineering, construction, and market research team, Patriot can develop properties at affordable budgets and on schedule in an environment of rising building costs.
"We've been developing commercial real estate for over a decade," said Tim Wilkins, Managing Member of Patriot Holdings. "This is the first time we will do it in a formal fund structure, as opposed to individual syndications, but this is nothing new for us in terms of process and execution."
Patriot Holdings' self-storage brand, All-Purpose Storage, is the fastest growing self-storage brand in New England and was ranked as 68 out of 100 in Inside Self-Storage's Top-Operators List in 2021.
The company plans to close its Fund III by the end of 2022 and has already begun selecting plots of land that are ideal for future development.
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SOURCE Patriot Holdings