1031Smart closes on New Caney Self Storage! - not a 1031 purchase

[Ryan Beatty]

Investment Info:

Other commercial investment investment in Nocatee.

Purchase price: $740,000
Cash invested: $1,000,000

New Caney self storage was an all cash purchase in the booming Houston, TX market. We acquired from an out of town operator who was charging monthly rents half that of local comps. We'll be executing a pretty simple business plan - steadily raise rents to be in line with the market and likely exit in 2-3 years. There's plenty of room to add additional units or boat/rv storage here as well. Very excited to track the progress of this!

What made you interested in investing in this type of deal?

I've long loved self storage for it's incredible recession resistance along with the fractured nature of the market. This deal in particular was being mismanaged and rents were half of local comps. There's a ton of space to improve NOI and either sell in 2-3 years or refi and cash flow!

How did you finance this deal?

All Cash Purchase