VanWest Partners acquires four properties to mark closing of self storage fund
VanWest Partners has added four self storage facilities to VanWest Storage Fund I, with the acquisition of three properties in Collierville (Memphis), Tennessee, and one property in Blue Island (Chicago), Illinois.
Green & Sons Storage, located in the Memphis suburb of Collierville, was built between 1998 and 1999 with an expansion completed in 2016. The facilities include three facilities with 876 climate-controlled and non-climate controlled units with RV and boat parking totalling 106,208 rentable square feet. Midway Storage in the Chicago suburb of Blue Island, Illinois was built in 1925, renovated in 2004, and includes 625 storage units totalling 55,098 rentable square feet. VanWest will rebrand the four facilities under its wholly owned ClearHome Self Storage management platform and implement its innovative systems of technology and property management operations to maximise net operating income.
With these acquisitions, the Fund will close having deployed its capital allocation of just over USD30,000,000 in total capitalisation. Since its first acquisition in June 2019, the Fund has grown to over 392,000 net rentable square feet and 3,300 self storage units in Florida, North Carolina, Tennessee, and Illinois.
“These new facilities are perfect examples of how we target storage facilities with stable, predictable income streams in markets with strong demographics. We’re thrilled to close out the Fund with these four acquisitions and look forward to being a part of the Collierville and Blue Island communities,” says Jacob Vanderslice, Managing Partner of VanWest.
VanWest will be launching a second Fund targeting USD100,000,000 in self storage facilities with acquisitions beginning in the fourth quarter of 2020.