StoreEase, a self-storage virtual management company based in Homewood, has received a series seed investment from New York-based Bienville Capital and announced the sale of nine properties to Liberty Investment Properties of Florida.
StoreEase, which currently manages nine self-storage properties in Alabama, is including six of those Alabama properties in the sale to Liberty. However, StoreEase also plans to add 10 more Alabama locations to its stable of properties by the end of 2022.
The virtual management company says it believes there is potential for growth through acquisitions in the highly fragmented self-storage industry. In addition to the sale to Liberty, StoreEase has also entered into a strategic partnership with Liberty with Adam Mikkelson, president of Liberty, serving as an advisor to StoreEase.
“The virtual operational model allows us to differentiate our product and can be applied in top MSAs, secondary and tertiary markets. The self-storage operational model is ripe for change, and we believe StoreEase will be an accelerator to a market shift in the industry,” said Mikkelson.
StoreEase recently added a San Francisco-based technology team to further advance its technology platform. The company plans to launch a software-as-a-service model later this year, licensing the technology to independent operators seeking the same benefits for their own management infrastructure.
“Our partnership with Bienville and the investment in our California-based engineering team is a testament to StoreEase’s commitment to further advancing its best-in-class technology platform focused on the delivery of live on-site management, virtually,” said Josh Boyd, StoreEase CEO.
The company’s largest property under management is a flagship facility in Hoover that features Bluetooth-enabled smart locks on each unit and a virtual live, on-site presence that greets customers and provides service.
“We see opportunity over the next 10 years for massive consolidation within the industry via a lower cost operational model,” said Boyd.
Founded in 2019, the company currently operates in eight states and is expanding management to an additional 50-75 locations in 2022.
