Las Vegas private equity investor pushes into upstate New York with $6M self-storage acquisition

June 13, 2022
3
min read

Patriot Holdings was featured in the Albany Business Review, read the full article here: Albany Business Review.

Jeremiah Boucher and Patriot Holdings LLC of Las Vegas are expanding their real estate portfolio into upstate New York with the purchase of a 500-plus unit self-storage complex in Saratoga County.

Patriot acquired 70,000 square feet of storage space from Perkins Recycling owner, Robert L. Perkins, and Harrison Avenue Self Storage LLC. The complex is located at 126-138 and 140-142 Harrison Ave. near Bluebird Road in the northeast corner of Moreau.

The purchase price was $6 million, and the transaction closed June 17, according to a deed filed this week with the Saratoga County clerk. The acquisition was financed with a mortgage through Customers Bank of Phoenixville, Pennsylvania, a Philadelphia suburb.

Jeremiah Boucher, Patriot Holdings CEO:

"We are extremely pleased with this 500+ unit self storage facility purchase, and we expect to drive significant returns for our investors."

"We have been trying to grow in the Hudson River valley, Albany and Glens Falls area," Boucher said.

He is the founder and chief executive of Patriot Holdings, which raises private equity and reinvests in self-storage, small warehouse and industrial properties and manufactured housing communities across the country.

Patriot currently owns 33 self-storage sites throughout New England and Boucher said he has been searching for more opportunities in upstate New York. Many of their self-storage investments are focused in suburban and semi-rural areas in close proximity to apartment complexes.

Patriot typically purchases self-storage complexes that have space for expansion. That was the case with the Harrison Avenue property. The current space is 100% occupied. Boucher plans to construct an additional 400 storage units next door in two phases.

Boucher and his business partner, who is based in Keene, New Hampshire, operate their self-storage locations under the All Purpose Storage name. Today, they have close to one million square feet of self storage under management throughout New Hampshire, Maine, Vermont and Connecticut.