Garages of America Fund I
Partner with a Real Estate Developer
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Garages of America Fund I
Garages of America Fund I is raising up to $75,000,000 to develop properties we currently have under contract, have identified for development, and additional properties that meet our underwriting standards.
The Fund combines what we believe are highly sought-after real estate asset classes: Luxury Garages, Self-Storage, and Boat & RV-Storage. By uniting these asset classes into one portfolio, we expect to operate our cash flowing assets with less debt, seeking to reduce risk and provide greater cash flow to our investors, in each case as compared to investments in other assets classes.
Investing in our development fund simply has advantages “retail” funds cannot offer. The table below reflects projected returns of Garages of America Fund I. Retail self-storage funds, that purchase existing properties, just can’t compete.
Properties Identified for Development
Tarpley II
Tarpley Rd
Carrollton, TX 75006
Frisco II
All Stars Ave
Frisco, TX 75034
Rockwall
Farm to Market Rd
Rockwall, TX 75032
| The Fund | Garages of America Fund I |
|---|---|
| Investment Strategy | Develop, manage and sell luxury garage and self-storage assets across the U.S. |
| Early Investor Discount | Yes |
| Projected Cash-on-Cash Return | 8%-10% once portfolio reaches stabilization |
| Distribution Period | Quarterly |
| Targeted Returns | 30% annual blended return including profits from residual |
| Target Fund Size | $75,000,000 |
| Minimum Investment |
$500,000 Class A $100,000 Class B |
| Offering Period | January 2023 to December 2023 |
| Projected Hold Period | 7 – 10 Years |
| Acquisition Fee | $100,000 per asset acquired |
| Development Fee | 4% of capital expenditure budget if applicable |
| Investment Management Fee | 1.5% of equity raised per year during first 2 years after end of Offering Period, 1% of equity raised per year thereafter (Quarterly, paid in advance) |
| Property Management Fee | 6% of gross revenues of each project (Paid Monthly) |
| Guarantor Fee | 1% of debt balance per year if debt guaranteed by sponsor or affiliate |
| Investment Structure |
• Class A member: 75% profit split on operating cash flow. Upon disposition, investor will receive 100% of cash flow until initial principal investment returned, then will receive 75% of profits thereafter.
• Class B member: 70% profit split on operating cash flow. Upon disposition, investor will receive 100% of cash flow until initial principal investment returned, then will receive 70% of profits thereafter. |
| Distribution From Capital Event |
• 100% of proceeds to investors (Class A & B Members) until they have received 100% of their principal investment. • Thereafter, Investor/Manager - 75%/25% or 70%/30% depending on Class A or B Units. |
| Available to Qualified Retirement Plans | No |
| Restrictions on Investment Size | None |
Business Model
Develop / Sell / Stabilize / Manage Cash Flow
Questions?
Ready to Start Investing?
Questions?
Ready to Start Investing?
Garages of America is NOT affiliated with Extra Space Storage. An investment in any Garages of America fund is NOT an investment in Extra Space Storage. We anticipate Extra Space Storage to continue to operate and manage properties developed by Garages of America and/or Cornerstone Development Corporation.