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National Storage Affiliates JV closes $630M iStorage portfolio buy

A National Storage Affiliates Trust joint venture wrapped up its roughly $630 million purchase of the iStorage portfolio, and the company finalized its acquisition of the iStorage property management platform in a separate transaction.

The company formed the joint venture with a state pension fund to acquire the portfolio, which comprises 66 properties spanning about 4.5 million rentable square feet across 12 states. The properties contain more than 35,000 storage units.

The iStorage platform, meanwhile, includes the iStorage brand, a property management company and a captive insurance company.