Self-Storage in Charlotte NC Metro

[Kris Bennett]

Investment Info:

Other commercial investment investment in Gastonia.

Purchase price: $1,875,000
Cash invested: $400,000

94 existing units, 50+ parking spaces for boats and RVs. We're building an additional 22,000 sf., bi-level building which will add 150+ units to the facility.

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

The location around new homes, few competitors, high rents, and high occupancy.

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

A referral from a friend on LinkedIn! We had 60 days for DD and 2 extensions that we ended up using to finalize the financing.

How did you finance this deal?

Bank financing.

How did you add value to the deal?

We're increasing rents, implementing tenant insurance, and building an additional 150+ units.

What was the outcome?

Closed the deal and working on the development now through 2021.

Lessons learned? Challenges?

Make sure your lender is communicating with you regularly. Our lender went radio silent for 2-3 weeks prior to closing! Not good.

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

No, I'm a licensed agent so we didn't need one. Our team did a great job getting this closed.