The facility, which opened in the second quarter of 2024, currently serves the Lehigh Valley market with 713 climate-controlled units across 81,500 net rentable square feet. Despite its recent launch, the property has already reached 58% physical occupancy. VOC Partners will continue to oversee the asset through its operating partner, Budget Store & Lock, a firm recognized among the top 50 U.S. self-storage operators.
VOC Partners Secures $15.2M Recapitalization for Lehigh Street Facility
A 42% return of original invested capital highlights the recapitalization of the Lehigh Street self-storage asset in Whitehall, Pennsylvania. VOC Partners finalized the $15.2 million transaction this week, refinancing existing debt and securing new equity to reset the property for long-term institutional ownership while maintaining operational control.
Managing Partner Drew Lewis noted that the deal provides early investors with liquidity while retaining an asset that continues to appreciate. The transaction serves as a core component of the firm's broader "Proximity Strategy" in the region. Legal counsel for the recapitalization was provided by Akerman LLP and Fitzpatrick Lentz & Bubba, PC, with Fleming Fund Services managing fund administration.
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