Fulton Realty Capital advised a private client on the acquisition of a self-storage property in Greater Houston, Texas. Fulton’s team of real estate professionals led asset sourcing, spearheaded all negotiations, and secured financing (fixed rate CMBS and subordinated seller notes).
The property features 48,000 rentable SF with roughly 350 drive-up storage units and 43 RV parking spaces. Physical occupancy at closing was 78%.
A third-party management company has been hired to oversee the facility. Fulton also plans to improve performance by adding online transaction capabilities and by expending an underutilized tenant insurance program.