Andover Properties Adds Facility to Colorado Springs Portfolio

This transaction marks the company’s third acquisition in the market.

The 681-unit property first came online in 1969. Image courtesy of Andover Properties

The 681-unit property first came online in 1969. Image courtesy of Andover Properties

Andover Properties has acquired AAA Platte Self Storage, a 215,748-square-foot storage facility in Colorado Springs, Colo.

The property, which will operate under the Storage King USA brand, was on the market for an estimated price of $19 million. Crystal View Capital sold the asset, Yardi Matrix data shows.

According to the same source, the property previously traded in 2019 for $8.8 million, when it was purchased from a private individual. The asset also became subject to a $9.5 million CMBS loan in 2021, originated by Deutsche Bank, with Wells Fargo Bank as lender.

Completed between 1969 and 1981, the one-story building comprises 681 climate-controlled units, ranging between 25 and 300 square feet. Situated on a 26.6-acre parcel, the property also features office and commercial spaces, as well as 303 car parking spots. On-site amenities include video surveillance, drive-up access, RV and boat parking, as well as keypad-controlled access.

Located at 4510 Edison Ave., the property is 5 miles from downtown Colorado Springs and 8 miles from Colorado Springs Airport. The facility is one of the 32 available within a 3-mile radius, offering residents 15.8 rentable square feet per capita. As of August, seven more self storage properties traded in the Colorado Springs market year-over-year, totaling 439,568 square feet, Yardi Matrix data shows.

The current acquisition marks Andover’s third property in Colorado Springs. IN Self Storage is among these assets, a 47,020-square-foot facility the company acquired last October. Andover has also recently expanded its footprint in Naples, Fla., with the acquisition of a 105,000-square-foot asset.

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