LP Deal Review | AAA Storage Investments | Growth Fund II

June 19, 2025

In this episode of our Deal Review Series, Paul Bennett from AAA Storage Investments present AAA Storage Growth Fund II to our LP panel: Paul Shannon, Pascal Wagner and Litan Yahav.

The LP Panel asks questions like:

How does your internal underwriting process ensure site selection discipline and avoid loosening standards as more capital becomes available?
What’s the breakdown and real performance of the 90 full-cycle deals in your track record?
Is the sponsor’s 8% co-investment truly from personal capital or funded through fees?
How is Fund One performing so far, and what lessons or early results are informing Fund Two?
What’s your contingency plan for macroeconomic risks like prolonged high interest rates or stalled housing activity?
How do you manage key person risk, and is there a succession plan in place to ensure long-term continuity?

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About the Deal

Growth Fund 2 will invest in the development of 7 self-storage and 4 office/flex industrial business parks located in TX and NC. With 32 years of experience and 90 full cycle deals, our average return to investors across all 90 completed investments is a 19% IRR and represents over 6mm square ft and $450m of exit value. AAA Storage will invest a minimum of 8% of the fund’s total equity and guarantee all property level debt, providing strong alignment between the sponsor and investors.

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LP Deal Review Follow-Up | AAA Storage Growth Fund II

We’re excited to have Paul Bennett from AAA Storage back for a follow-up to the AAA Self-Storage Growth Fund II LP Deal Review! Our panel ran out of time before addressing several key investor questions. In this conversation, Paul Shannon sits down again with Paul Bennett to dig into the details and provide clarity on topics LPs care about most:

Detailed performance data on AAA Storage’s projects during economic downturns
Explanation of asset management fees and their impact on uncalled capital
Breakdown of AAA Storage’s fee structure and how it aligns with investor interests
Challenges and strategies when entering new markets
Current supply and demand trends in self-storage and small bay industrial sectors
Importance of timing and risk management in real estate investments

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