Southern California Firm buys 85% occupied property with 489 Storage Units and 58,870 Net Rentable Square Feet
Nashville, TN, March 31, 2011 – AC Self Storage Solutions, LLC (“AC SSS”) of Newport Beach, CA has acquired Rivergate Self Storage, a 489-unit Self Storage facility in the Nashville suburb of Murfreesboro, TN.
Rivergate Self Storage had an effective physical occupancy of 84.8% of its 58,870 rentable square feet. The purchase price was not disclosed, but, the purchaser has indicated that this transaction traded at an effective 7.9% capitalization rate. The property was acquired on an all cash basis.
The facility is a traditional Self Storage facility, built in three phases in 1992 & 1993. All storage units are non-climate controlled. The facility, at 1323 NW Broad Street, Murfreesboro, TN will retain the business name “Rivergate Self Storage.”
“This is the first asset acquired by our AC Self Storage Fund I, LLC. We believe that the location, university presence and strong community will continue to support and make this business successful“, said Troy Downing, Chief Executive Officer of AC Self Storage Solutions, LLC.