Andover Properties Acquires Triangle Self Storage Portfolio
By Alex Hassel, Storage.com
Three self storage facilities that were under a family-owned brand, Triangle Self Storage, are now under new ownership. List Self Storage reports that Andover Properties, LLC has recently purchased the portfolio of two Class-A properties in the Raleigh, N.C., metro area and another outside of Roanoke, Va.
The three facilities offer a combined total of 200,000 square feet. The portfolio came with 1,447 units in addition to parking. Michael Wachsman, Director of Acquisitions for Andover Properties, says the locations were hard to beat. “We chose these assets because they are situated in submarkets within major metro areas with strong storage demographics; for example, limited supply, large surrounding population, and strong traffic counts,” he tells Storage.com.
Not only that, but Raleigh is a hot spot for population and economic growth. Wachsman continues, “According to Forbes, Raleigh was the fourth fastest-growing city in the country in 2015. It is also number two on the 2015 Forbes List for being the best place for businesses and careers. Raleigh also has a high per-capita income, yet is still affordable for the average family, making it a great place to live and work.”
Andover paid $13,925,000 for the properties. The facilities feature perimeter fencing, gated access, climate control, 24-hour surveillance cameras, and the Raleigh facilities offer elevator access to upper stories. The Virginia location has a moving truck for renters. Aside from adding the locations to its Storage King USA brand, it has other plans for the facilities as well. “[We plan to] institutionalize management and implement other sources of ancillary income not currently generated at the properties, mainly from sales of insurance policies,” Wachsman says.
The new additions bring Andover’s portfolio to 23 self storage facilities, which now adds up to 13,400 storage units and 1.65 million square feet. Wachsman is excited about the new opportunities the Triangle properties will bring. “They are all relatively new assets built between 2007-2011, have nice curb appeal, and good visibility. Most of the competition within three miles are older, smaller, and/or have no street visibility,” he says.
Like many others at this time in the self storage industry, Andover is still looking for any opportunity to grow. “[We are] always looking to acquire value-added assets in strong markets or submarkets. We are also actively looking into development and mixed-use deals,” says Wachsman.
Andover Properties, LLC is an investor, owner, operator, and developer of real estate throughout the United States, based in Manhattan, N.Y. The firm focuses on the acquisition, development, and management of industrial, retail, and self storage facilities primarily in the north and southeast. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, development, and dispositions. Its investors and partners include global institutional real estate, private equity funds, and high net worth individuals.
Image courtesy of Micahel Wachsman, Andover Properties LLC.
*Article originally posted on: http://services.storage.com/industry-news/andover-properties-acquires-triangle-self-storage-portfolio/