BofA Provides $115M Acquisition Loan for West Coast Self-Storage Portfolio
An entity formed between Etude Capital and San Felipe Financing has purchased nine assets spread across two states
By Brian Pascus August 19, 2025 12:29 pm
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A joint venture between Etude Capital and San Felipe Financing has secured $115.2 million to acquire a portfolio of nine self-storage properties across California and Nevada, Commercial Observer can first report.
Bank of America provided the five-year, non-recourse loan, while CBRE’s Tom Traynor, Tom Rugg, and Arman Samouk arranged the debt, sources said.
Last year, Etude Capital and San Felipe Financing formed a private real estate firm called Etude Storage Partners that aimed to acquire self-storage properties or deploy debt financing into the asset class.
Led by Richard D. Kinder, managing member of San Felipe Financing, the joint venture secured a $250 million equity commitment from San Felipe, and expects to invest at least $500 million into the self-storage space. Etude Capital has been in the self-storage space since 2012, and currently boasts a portfolio of 4 million rentable square-feet.
The latest acquisition adds 6,750 units in nine facilities that span approximately 850,000 square feet. The self-storage units are located in California and Nevada, all within the Inland Empire of coastal Southern California and Greater Los Angeles, as well as the San Jose and Las Vegas metropolitan areas.
All the assets in the portfolio are stabilized with solid occupancy statistics.
CBRE and Etude Storage Partners did not respond to requests for comments.
Brian Pascus can be reached at bpascus@commercialobserver.com
