Company Overview

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About

SROA Capital is a vertically integrated private equity real estate and technology platform that has an established track record of providing risk adjusted returns to its partners through its focused strategy of investing in self storage on behalf of its principals and partners. SROA is headquartered in West Palm Beach, FL and has invested equity, acquired, redeveloped, and developed self storage across the risk spectrum in major and secondary markets across the United States under the brand Storage Rentals of America.

New Construction

Acquisition

Operator

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History

Benjamin Macfarland Holding Company began managing and acquiring self-storage facilities in 2006 and 2010, respectively.

2013 - The firm was founded by real estate entrepreneur Benjamin Macfarland in partnership with Sidney Kohl (co-founder of Kohl’s Department Stores) and James Jenkins (co-founder of Alliant)

2014 - SROA acquired its first portfolio of storage facilities in Florida.

2015 – Expanded to 38 properties owned and managed by acquiring Storage Rentals of America, a 24 property portfolio, and 9 additional properties.

2016 - Acquired 18 properties: 8 in South Carolina, 8 in Delaware, 1 in Kentucky, and 1 in Florida.

2017 - Acquired 7 properties: 4 in Florida, 1 in Delaware, 1 in Kentucky, and 1 in New Jersey.

2018 - Acquired 21 properties: An 18 property portfolio in Ohio, and 3 additional Florida properties.

2019 - Acquired 50 properties: 17 in Michigan, 15 in South Carolina, 8 in Tennessee, 4 in Georgia, 3 in Florida, and 3 in North Carolina.

2020 – Acquired 29 new properties: 11 in Connecticut, 8 in Wisconsin, 4 in Massachusetts, 2 in Florida, 2 in Rhode Island, 1 in Ohio, and 1 in South Carolina.

2021 – Opened a newly constructed, 8 story storage facility in downtown Miami, Florida. Acquired 80 new properties: 1 in Florida, 10 in Georgia, 1 in Iowa, 41 in Indiana, 7 in Michigan, 1 in Mississippi, 17 in South Carolina, and 2 in West Virginia.

2022 – Acquired 129 new properties: 25 in Minnesota, 23 in Michigan, 23 in Ohio, 9 in Iowa, 8 in Illinois, 8 in Montana, 6 in Virginia, 5 in Pennsylvania, 4 in Florida, 3 in New York, 3 in North Carolina, 3 in South Carolina, 3 in Tennessee, 2 in New Jersey, and 1 in Massachusetts.

2023 – Acquired 42 new properties: 10 in Georgia, 8 in North Carolina, 5 in Alabama, 4 in Montana, 4 in Florida, 4 in South Carolina, 2 in Ohio, 2 in Tennessee, 1 in Mississippi, and 1 in Virginia.

2024 – Acquired 81 new properties: 18 in Texas, 10 in Georgia, 8 in North Carolina, 7 in Louisiana, 6 in Missouri, 6 in Mississippi, 5 in Alabama, 5 in Illinois, 5 in South Carolina, 3 in Florida, 2 in Indiana, 2 in Kansas, 2 in Tennessee, and 2 in Virginia.

Our Team

We work towards achieving greatness by investing in intellectual capital. Our team has extensive public and private sector experience, a passion for challenges, and entrepreneurial motivation

Benjamin Shibe Macfarland III

Chief Executive Officer, and Co-founder

Ben Macfarland has spent the last 17 years focused on the acquisition, development, financing, repositioning and management of owner operated real estate assets including self-storage (since 2006), parking, student housing, senior living, and single-family home portfolios. Mr. Macfarland’s track record has identified market dynamics, implemented his investment strategy, built out a team and executed on his vision.

To date Mr. Macfarland has invested in ~$2bn of real estate investments as Principal. Storage Rentals of America is his third platform created around an investment strategy in a specific industry (in addition to parking & student housing).

Mr. Macfarland holds a BS in Real Estate from Florida State University and an MBA in Finance from American University. Mr. Macfarland is a member of the Real Estate Roundtable in Washington, DC. Mr. Macfarland and his wife Christina have five children, live in West Palm Beach, Florida, and are actively involved with the Community Foundation of Palm Beach and Martin Counties and the Flagler Museum.

Robert Buffett

Chief Financial Officer

Bob Buffett serves as the Chief Financial Officer of SROA. He is responsible for the financial reporting, banking, insurance, and finance functions of the company.

Mr. Buffett’s extensive experience working with institutional investors ensures SROA’s institutional financial reporting standards for pensions and other investors.

Prior to joining SROA, Mr. Buffett served as the Chief Financial Officer for Stor-All Storage for 11 years. Bob was responsible for all of the financial reporting for a 45 self-storage facility portfolio, prior to being sold to one of the REITs. Mr. Buffett’s passion is a commitment to continuous analysis and control of cost centers to drive efficiency and costs savings.

Bob has been a licensed CPA in the state of Florida for 25 years. He started his career at Arthur Anderson in West Palm Beach, Florida, specializing in real estate and construction accounting.

Miriam Martinez-Sorto

Chief Marketing and Technology Officer

Miriam Martinez-Sorto is responsible for overseeing SROA’s digital marketing, web development, and ecommerce strategy. Miriam drives SROA’s online presence by leveraging an omni-channel, digital marketing strategy that creates revenue-generating conversions. This responsibility includes managing technology operations for the Company’s corporate office and real estate portfolio. She heads digital strategy and transformation initiatives, designs New Customer Acquisition strategy for improved revenue growth, and oversees customized software strategy and implementation to streamline operations across SROA.

Prior to joining SROA, Miriam was the VP of Global Ecommerce & Marketing for VMR, a global technology venture, where she was responsible for producing 60% of the company’s revenue. Miriam has also worked at Unilever and Wells Fargo—experiences in managing multinational markets including the Americas, Caribbean, and Europe. Miriam holds a BBA in International Business from the University of North Carolina and an MBA from University of Miami – UOP. She holds Google certificates in Data Analytics and Ecommerce Marketing. Miriam is a member of Refresh Miami—Florida’s largest tech and entrepreneurial community. Miriam was born and raised in El Salvador and is fluent in Spanish, English, and French.

Kenny Speegle

Chief Operating Officer

Kenneth Speegle oversees SROA’s daily business operations, focusing on enhancing the integration of the Firm’s technology platform and implementing operational improvements with a goal of increasing NOI.

Prior to joining SROA, Mr. Speegle spent 18 years at Extra Space Storage in various roles, most recently as Senior Vice President of Operations, managing five divisions and over 825 property locations across the Southeast U.S. and Texas. Prior to his time at Extra Space Storage, Mr. Speegle served as the Senior District Manager of Storage USA, managing over 25 properties across the Ohio Valley including Cleveland, Columbus, Pittsburgh, Indianapolis and Grand Rapids.

Mr. Speegle holds a Bachelor of Science in Criminal Justice and Corrections from Kent State University.

Beau Raich

VP of Real Estate Development

Beau Raich oversees the development and construction initiatives, focusing on new projects and expansions of existing storage facilities including site selection, underwriting, and entitlements.

Prior to joining SROA, Mr. Raich was Vice President and Corporate Counsel at Two Roads Development, a large residential condominium developer. Prior Two Roads, Mr. Raich served as General Counsel at SROA, overseeing the legal affairs of the company, and as a Development Associate and In-House Counsel at The Lynd Company, a nationally recognized multifamily apartment investment and development company based in San Antonio, TX. Mr. Raich began his career as a complex commercial litigation attorney at the law firm Nason Yeager in West Palm Beach, FL.

Mr. Raich holds a Bachelor of Arts in Public Policy Studies from Duke University and a Juris Doctorate from Florida International University.

Owen Holm

Managing Director of Investor Relations

Owen Holm serves as the Managing Director of Investor Relations at SROA. He leads the investor relations and capital raising initiatives and has 10 years of investment management experience across both private and public markets.

Prior to joining SROA, Mr. Holm was Director of Marketing & Investor Relations at Crescendo Real Estate Advisors LLP (“CREAL”), a diversified real estate private equity firm. At CREAL he was responsible for overseeing global investor relations and capital raising initiatives including the launch of two closed-end funds and several direct private equity transactions. Prior to CREAL, he spent five years at Kildonan Castle Asset Management, a long-short credit fund, where he focused on investor relations and marketing, launching a series of credit funds. Mr. Holm began his investment career as a Research Associate at Coleman Research Group.

Mr. Holm holds a Bachelor of Arts in Political Science from Williams College received in 2010.

Wallace Cascio

Managing Director of Acquisitions

Wallace Cascio is responsible for sourcing investment opportunities for SROA Capital.

Prior to SROA Capital, Mr. Cascio worked in a variety of different capacities within the real estate industry, including acquisitions, asset management, and leasing of various types of properties. Mr. Cascio has a track record of building businesses, including a residential real estate agency that he played a key role in growing from three agents to over 400 in seven years.

Mr. Cascio holds a BA from the University of Florida and is a licensed Real Estate Agent in the State of Florida.

Colt Jenkins

Director of Investments

Colt Jenkins is a Director of Investments for SROA and is responsible for analyzing and underwriting new acquisitions. Prior to joining SROA capital in 2016, Jenkins worked for Rybovich Boat Company. At Rybovich, he performed project analyses for multimillion-dollar yacht refits.

Mr. Jenkins earned a BS in Accounting from Miami University and is a licensed CPA in the state of Florida.

Sean Dewhurst

Project and Construction Manager

Sean Dewhurst serves as the Project and Construction Manager for SROA. He and his team are responsible for overseeing the larger capital improvement projects including all new construction for the company. Mr. Dewhurst is directly responsible for preparation, negotiation, and coordination of all phases of commercial real estate development construction process. Working closely with SROA’s network of architects, engineers, designers, and contractors to provide a final high-quality rentable product to the marketplace on time and on budget.

Prior to joining SROA, over the past 15 years Mr. Dewhurst worked inhouse at NAI Merin as the Construction Manager and served in multiple roles at South Florida’s leading General Contractors; working from assistant superintendent, superintendent, estimator to project manager.

Jackie Penny

Investor Relations

Jackie Penny is responsible for managing SROA’s Investor Relations, which includes evaluating, improving and maintaining positive relationships and communication between the organization and its investors, to enhance the company image and increase value.

Prior to joining SROA, Mrs. Penny was the Marketing and Special Events Coordinator at Ultramax Sports working directly with  multiple sports affiliated companies in the state of Missouri and Florida. She organized and advertised for events and tournaments for Title Boxing Club, Susan G. Komen of Greater Kansas City, Kansas City Sports Commission, Big 12 Championships, and many others. Prior to Ulramax Sports, she was the Marketing and Events intern at the Kansas City Sports Commission, where she organized events for local charities and organizations, Women’s Intersport Network for Kansas City, MLB Royals Charities, and the NAIA.

Mrs. Penny holds a Bachelor of Science degree with a focus in Marketing and Communications from the University of Central Missouri.

Claudia Morais

Administration & Investor Relations

Claudia Morais joined SROA in 2014 and, as a Paralegal, Ms. Morais is responsible for managing all matters pertaining to SROA’s real estate transactions, due diligence and corporate records. Ms. Morais works closely with the CEO, CFO, outside attorneys and financial institutions to assure that all transactions are completed successfully. Ms. Morais is also involved with the management and communication of existing investors.

Prior to joining SROA, Ms. Morais worked at a title company performing residential real estate closings, title searches, survey reviews and other due diligence matters. Ms. Morais also worked as a licensed real estate agent focusing on the residential market.

Ms. Morais is a registered Paralegal and holds an Associates in Arts Degree from Palm Beach State College.

Alex Yablonovich

Vice President of Capital Markets

Alex Yablonovich serves as the Vice President of Capital Markets at SROA and is responsible for analyzing all credit related opportunities, including sourcing senior bridge loans, mezzanine loans and preferred equity investments for SROA’s credit strategy.

Prior to joining SROA, Alex served as a Vice President in the Commercial Real Estate Finance department at Citi, where he worked for 6 years. At Citi, Alex was responsible for underwriting, originating and closing CMBS and balance sheet loans across all commercial real estate asset classes. Furthermore, Alex helped successfully close over $1B of loan originations secured by self-storage properties at Citi.

Alex holds a Bachelor of Science in Applied Economics and Management from the Charles H. Dyson School at Cornell University.

James Curland

Vice President of Business Development

James Curland serves as a Vice President of Business Development at SROA and is responsible for product development and special projects related to enhancing and growing the SROA platform.

 

Prior to joining SROA, James was an Associate at Winter Properties in New York where he was focused on underwriting and structuring private equity investments in real estate assets and operating companies. Before Winter Properties, James was an Analyst at Bank of America Merrill Lynch where he originated, structured, and sold commercial mortgages for all major asset classes.

 

James holds a Bachelor of Science in Industrial and Systems Engineering from the University of Wisconsin-Madison.

Lauren Weiss

Director of Accounting & Finance

Lauren Weiss serves as the Director of Accounting & Finance of SROA and is responsible for all property and fund-level accounting, accounts payable, financial reporting, insurance, and property tax functions.

Prior to joining SROA, Lauren served as the Vice President of Accounting for The Related Companies, a real estate owner and developer for 8 years in New York City.  She was responsible for multiple accounting functions for a $50 Billion portfolio to ensure best practices in all major areas of accounting were being followed. Between the time at Related Companies and her prior public REIT experience, Lauren has touched all aspects of accounting and finance within commercial, residential, retail, multi-family, office, low income, section 8, and multi-use properties for multiple billion-dollar companies which has given her the industry knowledge to create efficiencies and innovation across all accounting functions.

Lauren holds a Bachelor of Science in Business Administration in Finance and Marketing from American University and a Masters in Business Administration from New York University.

Justin Harrow

Fund Controller

Justin Harrow serves as the Fund Controller for SROA and is responsible for the financial and investor reporting functions of the company.

Prior to joining SROA Justin served as a Senior Manager at IQ-EQ in New York City in their fund administration group. IQ-EQ is a leading investor services group providing a comprehensive range of compliance, administration, asset and advisory services to investment funds, global companies, family offices and private clients globally. At IQ-EQ Justin was responsible for overseeing accounting and investor relations functions for his private equity, real estate, and venture capital clients.

Justin holds a Bachelor of Science in Business Administration from the University at Buffalo and is a Certified Public Accountant.

Destiny Nelson

Senior Associate

Destiny Nelson is responsible for analyzing and underwriting potential acquisitions, conversions, and developments across all U.S. markets. Ms. Nelson produces and presents Investment Committee Memorandums and assists in the due diligence and closing of acquisitions.

 

Prior to joining SROA, Ms. Nelson interned in the finance department at Acadia Realty Trust, an equity real estate investment trust, where she was responsible for modeling future cash flows for the company’s core and opportunistic real estate investments.

 

Ms. Nelson holds a BA in Economics and a BA in Political Science from Yale University and conducts admissions interviews on an annual basis on behalf of Yale Undergraduate Admissions. Ms. Nelson was a member of the Yale Women’s Varsity Swim Team and competed at the 2016 and 2021 United States Swimming Olympic Trials.