Pegasus Self Storage Portfolio

Addresses

1. 2100 A Street, Antioch, CA
2. 2721 Shattuck Ave, Berkeley, CA
3. 324 S Main St, Milpitas, CA
4. 6880 Santa Teresa Blvd, San Jose, CA
5. 900 Lonus St, San Jose, CA
6. 13760 E 14th St, San Leandro, CA*
7. 355 W Hedding St, San Jose, CA
8. 1323 NW 16th Ave, Portland, OR
9. 685 SE Division Place, Portland, OR*
10. 8200 South I-35 Service Rd, Austin, TX
11. 14635 West SH-71, Bee Cave, TX
12. 8327 S Congress Ave, Austin, TX

*The properties located at 13760 E 14th St, San Leandro, CA and 685 SE Division Place, Portland, OR have existing debt that will need to be assumed by the buyer. Additional detailed information is available for review in the JLL Document Center.

Offering Price: Unpriced

Rentable Square Feet: 741,169 SF

Number of Units: 8,030

Occupation: Physical - 79.61% ; Economic - 74.32%

BEST-IN-CLASS SELF STORAGE PORTFOLIO

The Portfolio provides the opportunity to acquire 12 institutional quality self storage facilities located within three of the highest performing real estate markets in the country, with irreplaceable high-barrier-to-entry locations and excellent operating performance.

HIGH BARRIER TO ENTRY MARKETS

The properties within the Portfolio are strategically located in core locations in submarkets with a very limited number of available sites for new development. In addition, zoning guidelines and other municipal development hurdles further limit the threat of new competitive self storage properties in the California submarkets.

IMMEDIATE SCALE IN RARE PORTFOLIO

Totaling 741,169 rentable square feet and 8,030 storage units, the Portfolio is the result of a very well-executed aggregation strategy by current ownership to create a best-in-class portfolio with excellent operating performance and significant scale within hard-to-assemble markets. Led by seven core San Francisco Bay Area assets, and five new generation facilities in Portland and Austin, the Offering presents a rare and diversified collection of high-performing and strategically located properties.

IRREPLACEABLE LOCATIONS WITH MARKET-LEADING DEMOGRAPHICS

Irreplaceable locations in densely populated areas within the San Francisco Bay Area, Portland, and Austin, which provide a stable platform for long term value. The Portfolio’s locations have an average population of over 150,000 people and average household income of nearly $130K within a 3-mile radius of the properties. The demand factors surrounding each property within the Portfolio are ideal for self storage, including dense populations, high incomes, robust population growth, a very high concentration of surrounding multifamily housing, and significant new single-family and multifamily development.



STRONG EXISTING CASHFLOW WITH IMMEDIATE UPSIDE

With an average economic occupancy of 80%, the Portfolio offers excellent day-1 cash flow with meaningful opportunity for additional revenue growth over the near-term. Each property within the Portfolio is strategically positioned with significant surrounding urban density, high surrounding incomes, and limited competition, providing outstanding customer demand and strong upward rental rate pressure. The properties are also located within high population growth areas, leading to further urban densification and providing strong tailwinds as the properties continue to approach full stabilization.