Fulton advised high-net-worth co-investors on the acquisition of a self-storage property in Southeast Texas. In addition to sourcing and negotiating the transaction, Fulton's team secured CMBS financing.
The 94,000 SF asset has over 400 climate-controlled units, 100 drive-up units, and 79 RV/parking spaces. It is the only interior climate-controlled option in a six-mile radius and the only facility offering truck rental within a five-mile radius.
Located in the Beaumont–Port Arthur MSA and set along State Highway 87, the asset benefits from favorable supply metrics. There's minimal competition from both REITs and independently-owned competitors.
At the time of acquisition, physical occupancy was 87%, indicating room to increase occupancy and drive revenue growth. A professional management company, arranged by Fulton, will assume day-to-day oversight of the facility.