Denver-Area Self Storage Changes Ownership
- Jun 08, 2021
A joint venture of Invesco Real Estate and Westport Properties has acquired an upscale self storage facility in Castle Rock, Colo., from Castle Rock Development. In July 2020, the property became subject to a $5 million loan set to mature in 2025. The loan was provided by Collegiate Peaks Bank, according to Yardi Matrix data.
Located at 4395 Regent St. and formerly dubbed Meadows Self Storage, the property will be rebranded under Westport’s U.S. Storage Centers brand.
The facility comprises eight single-story buildings totaling 54,102 square feet of rentable space and offers 472 climate-controlled units ranging from 25 to 300 square feet. Parking spaces are also available for storing RVs, boats and cars, and the list of amenities also includes surveillance and electronic gate access.
Completed in 2018, the property serves The Meadows, a master-planned community 24 miles south of Denver. The residential area is set to provide the facility with a steady occupancy rate for the foreseeable future, according to Steve Cobbs, director of transactions at Invesco Real Estate. The property is also close to a large retail center between Santa Fe Drive and CanAm Highway.
The transaction comes after Westport’s recent acquisition of a 715-unit facility in Central Florida.