Southern California Firm buys 85% occupied Class-A property with 870 Storage Units and 144,605 Net Rentable Square Feet. Assumed 64% LTV existing CMBS loan.
Houston, TX, January 22, 2013 – AC Self Storage Solutions, LLC (“AC SSS”) of Carlsbad, CA has acquired Go Store It, an 870-unit Self Storage facility in the Houston suburb of Pasadena, TX.
Go Store It had an effective physical occupancy of 85.2% of its 144,605 rentable square feet. The transaction required the assumption of an existing CMBS loan that was serviced by Wells Fargo. The loan was approximately 64% of the purchase price of the facility.
The purchase price was not disclosed, but, the purchaser has indicated that this transaction traded at an effective 7.4% capitalization rate. The facility is a class-A traditional Self Storage facility, built in 2004, that has both climate and non-climate controlled storage units.
“This is definitely one of the more attractive Self Storage facilities I’ve seen” states Troy Downing, Chief Executive Officer, AC Self Storage Solutions, LLC. “The facility is Class-A, has a tremendous amount of curb-appeal, and is well occupied in what we believe is a strong market”. Downing continues, “We have transitioned property management and expect to improve this facility with professional management and aggressive revenue management.”
The Go Store It facility, at 7905 Spencer Highway, Pasadena, TX will be rebranded “AC Self Storage of Pasadena.”
About AC Self Storage Solutions, LLC
AC Self Storage Solutions, LLC (“AC SSS”) has offices in Carlsbad, CA and Newport Beach, CA. AC SSS is an owner, operator, and servicer of Self Storage commercial real estate across the United States. In addition to acquisitions, AC SSS also offers asset management services and has over a million square feet of Self Storage under management. AC SSS is a joint venture with Axxcess Capital Ventures, LLC of Newport Beach, CA. The team is made up of professionals from diverse backgrounds in Self Storage, commercial real estate, asset management, investment banking, technology, and finance.