Fulton Realty Capital assisted a private investor in acquiring a 55,000 SF self-storage facility in the Detroit MSA. Beyond sourcing the asset and managing all negotiations, Fulton's team also helped the client assume favorable CMBS financing and obtain additional seller financing.
The property is located in an infill area with excellent connectivity. It features 207 standard units, 128 climate-controlled units, and 64 RV parking spaces. Occupancy at closing was over 85%.
Strong local demographics and a new strategic plan are expected to drive revenue growth and profitability. Planned enhancements include updated signage, landscaping, a more robust online presence, and online rental capabilities. A professional management company will oversee operations.
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