Southern California Firm buys 96% occupied Class-A property with 767 Storage Units and 97,250 Net Rentable Square Feet. Obtained 65% LTV GE Capital loan.
Dallas, TX, June 29, 2011 – AC Self Storage Solutions, LLC (“AC SSS”) of Newport Beach, CA has acquired Storage Solutions of Corinth, a 767-unit Self Storage facility in the Dallas suburb of Corinth, TX.
Storage Solutions of Corinth had an effective physical occupancy of 95.8% of its 97,250 rentable square feet. The transaction required a GE Capital loan that is serviced by GEMSA Loan Services. The loan was approximately 65% 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 7.75% capitalization rate. The facility is a class-A traditional Self Storage facility, built in 2002 (expanded in 2006), that has both climate and non-climate controlled storage units.
The Storage Solutions of Corinth facility is located at 3701 FM 2181 (Swisher Road), Corinth, TX.
“This is the second asset acquired by our AC Self Storage Fund I, LLC. We are strong believers in the Corinth location and Texas economy. The project provides an excellent opportunity for us to create a high level of service for our customers along with value for our investors for the long term“, said Craig Morris, President of AC Self Storage Solutions, LLC.