Hearthfire Holdings Increases Chicago Metro Footprint with Crest Hill Self-Storage Development Purchase

Philadelphia-Based Investment Company Acquires Fourth Chicago-Area Property, Forms Joint Venture with Condev Land and Development Group
PHILADELPHIA, PA - August 28th, 2025 - Hearthfire Holdings [https://hfirecapital.com/], a real estate investment company focused on self-storage assets, today announced another closed Joint Venture with the purchase of a shovel-ready development site in Crest Hill, Illinois, its fourth project in the Chicago metro market.

The purchase kicks off a joint venture partnership with Condev Land and Development Group, which is being financed by Midland States Bank. The property is fully entitled, which means construction can start right away.

"This opportunity marks another milestone in our ability to continue to scale our development capabilities and JV platform. The Condev team has done amazingly well in the Florida markets and was looking for a self-storage platform to grow nationally. We're thrilled to be partners. Crest Hill's excellent demographics, lack of competition, and shovel-ready state present a very compelling development opportunity," stated Sergio Altomare [https://www.linkedin.com/in/sergio-altomare-7823294/], CEO of Hearthfire Holdings.

High-Growth Market Fundamentals

The Crest Hill property satisfies growing demand in an undersupplied market:

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154,000 residents in a 3-mile radius.

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$78,000 average household income.

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Only four competing storage centers are located in the primary trade area, none of which have modern drive-up units.

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Strategically situated near I-80 and I-355 with 10,000+ cars per day traffic.

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Will County is projected to add 50,000 new jobs over the next decade.

Development will commence immediately, with delivery expected within 12 months and full lease-up anticipated within three years. The project supplements Hearthfire's existing Chicago-area portfolio, which includes two operating storage properties in the southwest suburbs and a just-completed expansion in Crete, Illinois. All media inquiries and interview requests should be directed to Thomas Mustac, Senior Publicist at Otter PR, at thomas.mustac@otterpr.com [mailto:thomas.mustac@otterpr.com].

About Hearthfire Holdings

Hearthfire Holdings is a real estate and private equity firm focused on self-storage investments. The company boasts more than $180 million in assets under management and nine successful exits, with an established reputation for selection of markets, operational sophistication, and investor-aligned structures. Led by Sergio Altomare, co-founder and former Executive Director of Technology at the Federal Reserve, Hearthfire applies institutional-level financial management, advanced technology, and highly disciplined real estate execution to locate and monetize underperforming assets and development opportunities.

Contact our team at investors@hfireholdings.com [mailto:investors@hfireholdings.com] to learn more about our Self Storage Joint Venture Program.

Media Contact
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Contact Person: Thomas Mustac
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State: FL
Country: United States
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This release was published on openPR.