Fulton Realty Capital advised a private client on the acquisition of a two property self-storage portfolio located in Pennsylvania’s Lehigh Valley. In addition to asset sourcing and leading all negotiations, Fulton’s team arranged ten-year bank debt financing.
The portfolio include over 75,000 rentable SF, with 450 self-storage units and surface parking accommodating more than 60 RV vehicles. At closing, the properties were at 95% physical occupancy with rental rates significantly below those of nearby competitors.
Both facilities will be operated by a professional, third-party management company. Opportunities to improve performance include implementing revenue management systems, improving the physical condition of the portfolio, and optimizing an in-place tenant insurance program.
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