Boat & RV Storage - "mega-storage"

[Ryan G Cook]

Investment Info:

Other commercial investment investment in Manchester.

The Vault - Boat & RV Storage caters to boaters, RV owners, and those in need of the largest storage units available in the Middle Tennessee market. Currently 16,000 rentable square feet, with an additional 17,000SF to be completed by April 2022.
Developed in Spring 2020, opened May 2020.

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

We saw a need for boat/RV storage in the middle TN market and we decided to fill it!

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

My business partner and I identified a commercial land listing strategically located between 3 popular lake in Middle Tennessee. After purchasing the property, we acquired all approvals and permits from the local county commission (lengthy process), and started development in January of 2020.

What was the outcome?

We achieved max occupancy after a few months. After 1 year of stabilization, we began the refinance process with our lender. We have now began development of an additional 17,000SF of "mega-storage" which will be complete in April 2022.

Lessons learned? Challenges?

This was our first real estate development/ investment , so the entire process has been a great education.
1). Is key to work with an engineer who is trusted by the county commission
2). No matter how much you plan and coordinate, there will always be delays in the development process, whether than be weather, materials delays, ect.