VanWest Purchases Michigan Self Storage Portfolio
The acquisition includes two properties in Detroit and three facilities in Grand Rapids.
VanWest Partners has acquired five self storage facilities in Michigan. Year-to-date, the firm has purchased seven facilities, at a total of around $30 million.
The company acquired the assets through its newest fund, VanWest Self Storage Fund II. The portfolio totals approximately 265,000 net rental square feet and includes 2 properties in Detroit and 3 facilities in Grand Rapids, Mich.
The portfolio totals 1,628 units, including 232 boat and RV parking spaces. The new owner plans to rebrand the assets under its ClearHome Self Storage management platform.
With the addition of the Michigan assets, VanWest now owns and operates self storage properties in 8 states and 12 metro areas nationwide. In August 2020, the firm acquired a three-property self storage portfolio totaling 106,208 square feet in Collierville, Tenn. The buyer financed the purchase with a five-year, $5.4 million loan secured by First National Bank & Trust.
While other commercial real estate sectors continue to face challenges this year, the self storage industry is showing its recession-proof nature. The year-over-year national street rate performance was positive for both climate- and non-climate-controlled units for the fifth month in a row in February.