Offering Price - Unpriced
Rentable Square Feet - 428,224
Number of Units - 2,588
Current Occupancy - Economic - 25% ; Physical - 51%
Offer Deadline - August 20,2021
Existing Cash Flow with Upside - The portfolio is comprised of three properties, located in Richmond, VA, Elkridge, MD (Baltimore MSA) and Gardner, MA. The Gardner, MA property is stabilized and currently being expanded and the Richmond, VA property is currently in lease-up and rapidly approaching stabilized occupancy. Upside can be achieved at these properties through rate increases to in-place tenants, market rate optimization and expansion opportunities. The Elkridge, MD facility is brand new construction, having just opened for business in June 2021.
Recent, Class A, Construction - The properties were completed between 2016 – 2021 and were constructed to Class A standards with all modern features and amenities. The assets are market leaders in terms of their overall quality.
Strong Income Trends - The portfolio gross potential income exceeds $29 per square foot of self storage space.