Keep pulling the thread on Bob Moser.
Prime Group Holdings has acquired over $10 billion in real estate assets, encompassing more than 350 locations across 28 states, Canada, and the U.S. Virgin Islands.
The self-storage asset class has the lowest breakeven occupancy rate among institutional real estate, typically breaking even on expenses at 40% occupancy.
Prime Group Holdings' second fund was $725 million, and its third fund raised approximately $2.5 billion.
Prime Group Holdings uses a proprietary, in-house AI system that identifies every self-storage facility in the U.S. that fits the company's specific acquisition criteria.
Prime Group Holdings has developed a new type of lock for its storage units that is unlocked using energy harvested from a customer's cell phone, requiring no batteries or Wi-Fi.
Prime Group Holdings is the largest privately held self-storage owner, operator, and investor in the United States.
Bob Moser's early strategy for identifying real estate assets involved using the Freedom of Information Act to track properties through water and sewer permitting data.
On August 12, 2005, Bob Moser sold a portfolio of approximately five RV park assets to Sam Zell, coinciding with Zell's conversion of his MHC REIT into Equity LifeStyle Properties.
During the 2007-2008 financial crisis, self-storage assets proved to be highly defensive and outperformed other real estate asset classes in Bob Moser's portfolio.
Prime Group Holdings' real estate portfolio is geographically concentrated along the U.S. coasts, resembling a 'U' shape, and currently has no exposure in Texas.
Prime Group Holdings avoids investing in Texas because the state's open zoning laws do not provide the high barriers to entry that the firm requires for its investments.
Prime Group Holdings' acquisition strategy is to buy 100% of its assets off-market through organically originated deals.