Invesco Pays $42M for 2 Self Storage Portfolios
The firm acquired 2,021 units across Bend, Ore., and Clarksville, Tenn.
Invesco Real Estate Income Trust Inc. has acquired two self storage portfolios, totaling 267,230 square feet and 2,021 units, in Bend, Ore., and Clarksville, Tenn., for a combined price of $42 million. U.S. Storage Centers, a division of Westport Properties, is managing the assets.
Two of the storage properties are located at 20230 Powers Road and 345 Cleveland Ave. in Bend, Ore., and encompass two 49,523-square-foot and 13,282-square-foot buildings with 550 and 124 indoor units, respectively. Unit sizes vary from 25 to 360 square feet and on-site facilities include drive-up access, boxes and moving supplies, security features and electronic gated access.
Located within a mile of each other, next to a commercial district and a multifamily community, the properties are in a largely penetrated market, as two of 11 facilities available within a 3-mile radius, offering residents 10.7 net rentable square feet per capita, significantly above the 7.1 national average.
The Clarksville portfolio encompasses three storage properties, totaling 204,425 square feet and 1,347 units. The biggest property traded is located at 4351 Guthrie Highway, close to the Kentucky border, and comprises an 80,275-square-foot building and 471 units. The other two assets encompass a 67,350-square-foot and a 56,800-square-foot building, respectively.
The transactions mark the company’s fourth and fifth self storage investments, now bringing its portfolio to $128 million. At the end of last year, the trust partnered with Baranof Holdings and acquired a 573-unit storage property in Chandler, Ariz., for $12.3 million.