Self Storage Turnaround

[Scott Meyers]

Investment Info:

commercial investment investment.

Purchase price: $345,000
Cash invested: $1

2 year value add turnaround project in Macon Georgia put together as a Syndicate. New Roof, All new Doors, paint, Totally remodeled office, kiosk, Renter's insurance and security system. Leased from 21% to 54%, on our way to stabilization and then sell.

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

Low price, distressed asset in a strong market.

How did you find this deal and how did you negotiate it?

Broker's pocket listing.

How did you finance this deal?

100% syndicated funds with our private equity partners in a Reg D 506B offering.

How did you add value to the deal?

New Roof, all new doors, totally remodeled office, paint, security, and increase occupancy from10% to 54% (so far) and a kiosk to manage the facility.

What was the outcome?

Still leasing up and then plan to sell.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Marcus & Millichap.