VanWest Partners acquires five property portfolio in Michigan
VanWest Partners, an opportunistic investment firm specialising in commercial real estate acquisition, management, and sales, has acquired five self storage facilities via its newest fund, VanWest Self Storage Fund II, LLC.
Year to date, the firm has closed on a total of seven self storage facilities representing just under USD30 million in total capitalisation.
The five-property Michigan portfolio was closed in mid-March and includes two self storage facilities in the greater Detroit market and three self storage facilities in the Grand Rapids market. The portfolio totals just over 265,000 net rental square feet and 1,628 units including 232 boat and RV parking spaces.
VanWest plans to rebrand the five facilities under its ClearHome Self Storage management platform. By leveraging technology coupled with an active, hands on-management approach, ClearHome will drive net operating income by optimising expense loads and dynamically managing revenue streams. With the addition of the Michigan portfolio, VanWest now owns and operates self storage facilities in eight states and 12 metro areas nationwide.
VanWest Self Storage Fund II is comprised of a diverse mix of storage facilities within select markets of the United States, and provides an investment opportunity that combines current income as well as capital appreciation.
"We're excited to add the Michigan portfolio to Fund II, and we look forward to acquiring additional facilities in the Grand Rapids and Detroit markets. The geographic concentration of the portfolio compliments our other Midwest markets nicely and positions Fund II to further benefit from the economies of scale that a large, diverse portfolio offers," says Jacob Vanderslice, Managing Partner of VanWest.
VanWest Partners and its affiliates have successfully invested in 30 self storage projects totalling over 1,500,000 net rentable square feet and over 12,000 units.