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David Levenfeld’s experience in the self-storage business dates back to 1991, when a real estate consulting client asked him to help reposition a struggling portfolio of 11 east coast self-storage facilities. David's first move: remove the existing property mangers and hire Storage USA in their place. At the time these 11 properties made up 25% of the entire SUSA portfolio! David is from Chicago, however, most of his adult life has been spent on the east coast. He settled into Boston after earning an MBA from Wharton and began working in real state development in the late 1980's...just as the real estate market was about the crash. During the recession, he co-founded his consulting company, The River Group, Inc. |
David Levenfeld The company went on the advise clients on workouts of troubled properties as well as feasibility work. In the mid-990's, as SUSA went public and was "bulking up" with an aggressive acquisitions program, David launched a self-storage brokerage business that resulted in numerous sales to SUSA. In 1996, David joined SUSA with responsibility for development in the northeast. |
David left the company in 2001 to restart his own business, however, he continues to view his relationship with SUSA as an asset and wove it into his business plans.
In late 2002, he launched a self-storage acquisitions co-venture with Boston Capital, a private real estate investment firm. In 2003 the venture began closing on its initial acquisitions, and now it has 12 properties under ownership. David and his partners at Boston Capital view SUSA as a key component of their investment strategy in part because their business model always includes third-party management rather than owner self-management. David and BC share similar operating philosophies with SUSA: locate in dense, high income markets and maximize revenues. Value is also enhanced by selected improvements and expansions. |
