Self Storage

Carlyle Property Investors‑B, L.P. (CPI‑B) is an open‑ended U.S. Core Plus real estate fund managed by Carlyle Investment Management L.L.C., with approximately \$8.4 billion in assets under management and an evergreen structure that reinvests and distributes over time. The fund targets demographic‑based sectors offering resilient demand, including multifamily residential, senior and active adult housing, single‑family rentals, self‑storage, and industrial logistics. These sectors are selected for strong cash flow fundamentals and reduced GDP sensitivity. CPI‑B emphasizes diversification across over 200 properties, disciplined moderate leverage, and investment criteria focused on tenant retention, strong operating margins, and technology-driven demand. The fund is managed by experienced leadership leveraging Carlyle’s proprietary framework.

Declaration Partners Real Estate Fund II LP (DPREF II) is a $303 million value-added real estate fund managed by Declaration Partners, the private investment firm anchored by the family office of David M. Rubenstein. Building on the success of its predecessor, DPREF II represents a 25% scale-up from DPREF I and continues the firm’s strategy of flexible, patient capital deployment across core U.S. property sectors. DPREF II primarily targets investments in multifamily residential, industrial, self-storage, and retail properties. Nearly 60% of committed capital has already been allocated to these segments. The fund favors direct and joint-venture investments through proprietary channels, often avoiding competitive auction processes to secure attractive entry points. The fund’s mandate includes recapitalizations, preferred equity, and co-GP structures to deliver both downside protection and participation in long-term asset appreciation. The fund’s leadership includes Todd S. Rich and Matthew Cohen, who have worked together for over five years and continue to lead Declaration’s real estate initiatives. DPREF II’s portfolio already includes notable projects such as an industrial joint venture in the Hamptons, a recapitalized multifamily asset in Dallas, and an affordable housing development in Los Angeles—each reflecting the team’s value-oriented and impact-conscious approach. Declaration Partners leverages a network of U.S. and international family offices and high-net-worth individuals to back the fund. This alignment with patient private capital allows the fund to remain agile in turbulent markets, prioritizing value creation over rigid deployment schedules. DPREF II reflects growing investor demand for mid-sized, flexible real estate platforms focused on long-term fundamentals rather than short-term returns.