Success Story
Extra Space Storage
Boiling Springs, SC
SELLER PROFILE
Private Regional Partnership
BUYER PROFILE
Private 1031 Cross Over
PROPERTY PROFILE
Bowling alley conversion with second floor mezzanine physically stabilized and Phase II multi-story self-storage building delivered at certificate of occupancy (C/O)
Summary
Our team visited the property and met with the partnership several times to ensure all parties were aligned in the strategy to maximize value in the disposition.
We timed the marketing release with the delivery of a Phase 3 expansion delivery to ensure all units were rentable throughout the marketing period.
The properties was fully physically stabilized, but required rent roll churn to stabilized rents available in the submarket.
Results
The Oakside Advantage leveraged the full market to identify a cross over group from the mobile home park asset class who were in a substantial 1031.
Our team delivered a phenomenal return to the investor partnership who had only owned property for two years. They were able to recycle funds back into future projects.