ROSEVILLE, CA—Self-storage operator LifeStorage L.P. said Wednesday it had secured a $120-million investment from TPG Real Estate, the real estate platform of Fort Worth-based TPG. Additional deal terms were not disclosed.

Now in seven states across the West, Midwest and Southwest, LifeStorage will use TPG's investment to expand further. It aims to acquire self-storage properties in the top 50 markets across the US. 

LifeStorage CEO Mark Good says his company will “quickly lever” TPG's real estate and operational experience in the context of the new partnership. Adds Avi Banyasz, partner and co-head of TPG Real Estate "Not only is there strong continued demand for self-storage, but the industry also remains very fragmented, which should provide opportunities for further consolidation and attractive follow-on acquisitions.”

In related news, Menlo, Park, CA-based Jasper Ridge Partners has made a follow-on investment in LifeStorage. Deal terms were not disclosed. The investments supplement LifeStorage's $100-million revolving line of credit secured last month from Citigroup Global Markets, which also will be used to fund acquisitions.

When pursuing acquisitions, LifeStorage seeks properties that come with amenities, high security standards and a brightly lit, retail-like environment. At present the strongest concentration of its 73 self-storage facilities is in the Chicago metro area. Also represented are the Sacramento and Los Angeles metro areas in California; the Jackson, MS metro area; the Las Vegas metro area; metropolitan Austin, Dallas, Houston and Killeeen-Temple in TX; the Salt Lake City metro area; and Milwaukee