Garnerville Property Sale

PrimeSpace Capital Completes Successful Sale of Garnerville, New York Self-Storage Facility

PrimeSpace Capital is pleased to announce the successful sale of our Garnerville, New York self-storage facility. The transaction marks another successful full-cycle investment for the firm and reflects the disciplined execution of our investment strategy from acquisition through disposition.

Located in Rockland County, just outside New York City, the Garnerville project was a ground-up development. PrimeSpace Capital transformed the vacant site into a three-story, Class A climate-controlled self-storage facility comprising 859 units.

From site work and vertical construction to the final finishes, PrimeSpace Capital managed every stage of the project. By self-performing construction through our in-house general contracting platform, we maintained direct oversight of quality, schedule, and costs throughout development. The project was also completed approximately $140,000 under budget, reflecting our disciplined approach to construction and project management.

Construction was completed in July 2026, and the property was successfully sold upon receiving its Certificate of Occupancy. Over the course of the investment, the project generated a 72.09% project-level internal rate of return (IRR) and a 2.30x equity multiple. These results were achieved through disciplined underwriting, proactive development management, careful cost control, and hands-on execution throughout the life of the investment.

The successful disposition of Garnerville reflects PrimeSpace Capital's ability to identify attractive development opportunities, execute efficiently through our vertically integrated platform, and deliver institutional-quality assets that create long-term value for our investors and strategic partners.