Updated almost 4 years ago on . Most recent reply
#2 Commercial Real Estate Investing Contributor
- Developer
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Latest Self Storage Project
#2 Commercial Real Estate Investing Contributor
- Developer
Investment Info:
Other commercial investment investment.
Cash invested: $3,100,000
Developed new Self Storage location from ground up. 339 units with traditional 10 x 10/15/20 units and also 12 x 20/30/40 units. Currently in Rent up Phase at 28% occupancy.
What made you interested in investing in this type of deal?
Our 8th location. Market demand is good in this area.
How did you find this deal and how did you negotiate it?
Working with Realtor and found 8 acres that fit within zoning rules.
How did you finance this deal?
Construction loan with existing bank relationship. Transferring to an SBA loan.
How did you add value to the deal?
Ground up development
What was the outcome?
Rent up phase. Site turned out great.
Lessons learned? Challenges?
Confirm utilities. Had a fire hydrant on the property, but it was private. Had to install our own main water line.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
One off deal.
