Self Storage Capital Partners (SSCP) has entered the Atlanta self storage market with the acquisition of an 859-unit facility in Lawrenceville, Ga. The seller of the Class A asset was Blue Vista Capital Management. Formerly a CubeSmart location, the property will operate under SSCP’s Snapbox Self Storage brand.
According to data from Yardi Matrix, the facility last changed hands in February of last year, when Blue Vista acquired it from The Davis Group in a two-property portfolio transaction. The company paid $10 million for the asset.
The property offers 107,569 rentable square feet across five two-story buildings. Storage spaces range from 25 to 300 square feet and include climate-controlled units, drive-up access units, as well as RV and boat parking spaces.
Top self storage market
The 2019-built facility is one of 27 self storage properties within a 5-mile radius. The area’s penetration rate is 8.3 square feet per capita—on par with the penetration rate in metro Atlanta, which is one of the best-performing self storage markets nationwide in terms of rent growth.
Year-over-year through September, asking rates in Atlanta increased by 16 percent for both 10×10 non-climate-controlled units and 10×10 climate-controlled units, clocking in at $110 per square foot, a recent Yardi Matrix report shows. The performance was second only to Miami’s rent gains over the same period.
With a moderate construction activity accounting for 6.7 percent of existing inventory—up only 20 basis points compared to August—demand for storage space in Atlanta is likely to keep rents performing throughout the fourth quarter.