VOC Partners Secures $15.2M Recapitalization for Lehigh Street Facility

A 42% return of original invested capital highlights the recapitalization of the Lehigh Street self-storage asset in Whitehall, Pennsylvania. VOC Partners finalized the $15.2 million transaction this week, refinancing existing debt and securing new equity to reset the property for long-term institutional ownership while maintaining operational control.

The facility, which opened in the second quarter of 2024, currently serves the Lehigh Valley market with 713 climate-controlled units across 81,500 net rentable square feet. Despite its recent launch, the property has already reached 58% physical occupancy. VOC Partners will continue to oversee the asset through its operating partner, Budget Store & Lock, a firm recognized among the top 50 U.S. self-storage operators.

Managing Partner Drew Lewis noted that the deal provides early investors with liquidity while retaining an asset that continues to appreciate. The transaction serves as a core component of the firm's broader "Proximity Strategy" in the region. Legal counsel for the recapitalization was provided by Akerman LLP and Fitzpatrick Lentz & Bubba, PC, with Fleming Fund Services managing fund administration.