Avenue Living Buys 10-Property Self Storage Portfolio
Situated in three Southern states, the assets total more than 550,000 square feet.
Avenue Living Asset Management has acquired a portfolio of 10 self storage properties from Boardwalk Development Group, located in Georgia, Alabama and Tennessee. The facilities encompass a total of 569,530 rentable square feet. According to county records, six of the assets traded for $43.5 million.
The Marcus & Millichap team which represented the seller and procured the buyer included Senior Managing Directors Gabriel Coe and Brett Hatcher, alongside Senior Vice President Nathan Coe. Marcus & Millichap’s brokers of record in the three states are Senior Vice President Eddie Greenhalgh and First Vice Presidents John Leonard and Jody McKibben.
The portfolio includes 3,369 units and the properties operate under the Mini Mall Storage brand. The facilities have a combined occupancy of 64 percent and offer a mix of non-climate and climate-controlled units. On-site amenities include video surveillance, drive-up and gated access, moving and packing supplies, as well as covered and uncovered parking. Gabriel Coe stated in prepared remarks that seven of the storage facilities have room for expansion.
The 10 properties are located in several towns throughout the three states. The Alabama property is in Opelika, while three of the assets in Tennessee are in Ooltewah, Chattanooga and Soddy-Daisy. The remaining six Georgia facilities are in Dahlonega, Clermont, Loganville, Perry and Jasper.
As of December, a new Matrix report shows there was no significant decline in self storage development activity across the top 31 metros. Despite economic instability, the general outlook over the self storage sector remains positive.