Storage raises reported $88.3 million sold; three hotel raises took $2.8 million

Fourteen self-storage offerings filed or amended Form Ds between Oct. 4 and Nov. 2, and together they reported $88.3 million sold to 207 investors, we calculate ^[7]. Three hotel offerings reported $2.8 million sold against $24.5 million sought ^[7].

Storage raises run from a $500,000 minimum to 19 non-accredited buyers

Family Heirloom Storage Fund I made its first sale Sept. 24 and reported all $30.6 million sold to 68 investors, including 19 who are not accredited ^[3]. It set no minimum ^[3].

Albuquerque’s DXD Self Storage Fund III asks $500,000 per investor and has sold $22.3 million toward $200 million since October 2025, which we calculate at 11% of the target ^[4]. In Chicago, Heitman filed two new storage trust vehicles with no fixed target and no sales yet ^[7].

Public Storage reported flat rents and bought 65 facilities

Public Storage’s same-store occupancy averaged 92.2% in the third quarter, against 91.9% a year earlier, and realized rent per occupied square foot rose to $22.29 from $22.24 ^[1]. The company now expects same-store revenue growth of 0% to 0.5% for the year ^[1].

It has bought 65 facilities for $713.2 million so far this year, counting deals after the quarter, apart from its larger NSA and PS Canada acquisitions ^[1].

Hotels earned more per room, but the hotel raises are small

Hilton said U.S. revenue per available room rose 7.0% to $135.53 in the quarter, with occupancy up 2.1 points ^[2]. Touchstone Hospitality Fund II in Plano reported $700,000 from five investors toward $11 million ^[5], and an Austin hospitality fund filed for $7 million with no sales ^[7].

Hotel Melrose in Grand Junction, Colo., has sold $2.11 million of $6.5 million since June 2024 ^[6].

How to use this

For investors in storage deals

1. Ask the sponsor what rent growth it assumes and compare it with Public Storage, whose rent per occupied square foot rose 0.2% last quarter ^[1].
2. Ask what price per square foot the exit plan assumes. Public Storage paid $258.4 million for 1.7 million square feet in the quarter ^[1], which we calculate at about $152 per square foot.
3. Add up selling costs from the Form D. USPD Hamburg Self Storage Development estimates $488,109 in commissions on a $5.1 million raise ^[7], which we calculate at about 9.5%.

For investors in hotel deals

1. Ask for the hotel’s own revenue per available room for the past four quarters next to a public benchmark. Hilton’s U.S. figure rose 7.0% ^[2], and a sponsor projecting more should show why.
2. Ask what happens to your money if the raise does not fill. Hotel Melrose has sold about a third of its target in more than two years ^[6], so find out whether the deal closes at a lower amount or returns funds.
3. Ask the sponsor to break down the $100,000 that Touchstone estimates it will pay to its officers, directors or promoters from the raise ^[5], and whether that comes before or after investors are paid a return.