The facilities comprise 219,000 net rentable square feet in 1,570 units
July 22, 2021: VanWest Properties has acquired a two-property self-storage portfolio in Hickory and Shelby, North Carolina, through Fund II. The facilities comprise 219,000 net rentable square feet in 1,570 units together. The facilities also include 127 boat/RV-storage spaces. The facilities will be rebranded under the company’s ClearHome management platform, according to a press release.
“The North Carolina portfolio adds diversity and depth to the Fund II portfolio, and complements our existing North Carolina locations by enabling us to spread fixed operating expenses across a larger, more geographically concentrated asset base. We’re thrilled to join the Shelby and Hickory business communities and look forward to serving our customer base as we rebrand and improve the facilities.” Said by Jacob Vanderslice, managing partner of VanWest Partners.
VanWest Properties acquired nine storage facilities and deployed nearly $50 million in gross capitalization since launching Fund II in January. With the latest purchase, VanWest owns self-storage properties in 12 metropolitan markets in eight states. It expects to close on additional acquisitions in Florida and Illinois during the third quarter, the release stated.
VanWest Partners and its affiliates have invested more than $195 million in real estate, including 13 self-storage projects totaling more than 765,000 rentable square feet. These comprise multi-story ground-up developments, adaptive reuse and value-add to existing sites.