GSI Buys 313-Unit Nashville Self Storage Facility
The property came online in 2019.
The Go Store It Opportunity Fund, a $250 million self storage vehicle managed by Madison Capital Group Holdings, has purchased a 313-unit facility in Gallatin, Tenn., a Nashville submarket.
Main Street Management previously owned the 47,250-square-foot self storage property, according to Yardi Matrix information. The firm acquired it in December 2020 from a private investor using funds from a loan originated by South Central Bank.
The asset is at 149 Goodview Way, near Highway 386 and 4 miles from the city center. Downtown Nashville is some 27 miles away. The storage facility is one of four available within a 3-mile radius, offering residents almost 21 net rentable square feet per capita, the same data provider shows.
READ ALSO: Why Self Storage Has a Lock With Investors
The 2019-built property comprises five single-story buildings with both traditional and RV & boat storage space. Units range from 50 to 400 square feet, some of which are climate controlled.
Asking rates and demand trends continued to stabilize as of July. National advertised rates remained flat year-over-year, according to the latest Yardi Matrix self storage report. The annualized average rent per square foot during the same month was $16.9.
GSI’s recent self storage expansion
This deal is GSI Opportunity Fund’s third purchase in Sumner County and aligns with the investor’s approach to building a storage portfolio in areas with solid demand, mainly throughout the Sun Belt. Go Store It currently owns and operates more than 200 properties in 27 states, with additional projects underway.
Earlier this year, Go Store It Self Storage opened an 800-unit self storage facility in Longwood, Fla. The property spans 83,000 square feet.
