Prime Group Buys Washington Storage Facility
The 376-unit property came online in 2022.
Prime Group Holdings has purchased Prime Storage, a 69,140-rentable-square-foot self storage facility in Bremerton, Wash., according to Kitsap County records. AWT Construction sold the Class B asset.
Completed in 2022, the property was subject to a construction loan of $5 million in 2020, provided by Live Oak Banking Co., Yardi Matrix data shows.
President & CEO Monty Spencer and Strategic Advisor Dylan Stallings of The Storage Acquisition Group negotiated the transaction.
The facility sits on 9.5 acres and encompasses 376 non-climate and climate-controlled units ranging from 50 to 360 square feet. On-site amenities include drive-up access, carts and dollies, roll-up doors, video surveillance, RV and boat parking and moving supplies.
The property is located at 7013 NE State Highway 303, 44.7 miles from Tacoma, Wash., and 41.5 miles from Seattle. The facility is one of the 10 storage assets available within a 3-mile radius, offering residents 9.5 rentable square feet per capita. According to Yardi Matrix data, Tacoma has a supply pipeline of 31 properties in various stages of development, set to add approximately 2 million square feet to the existing inventory.
As of January, the national self storage supply pipeline with properties under construction accounted for 3.7 percent of the total national inventory, 10 basis points higher than in the previous month. The average national street rate for all unit sizes decreased by 2.8 percent year-over-year.