Simpsonville and Shelbyville, KY ยท Self-storage
Horizon Storage Portfolio
13 written offers. Closed 10 percent above expectations.
The deal at a glance
- Units
- 792
- Net rentable sq ft
- 114,132
- Written offers
- 13
- State
- Kentucky
- Seller profile
- Private local developer
- Buyer profile
- National private equity
The asset. Two-property portfolio. One site is a tobacco warehouse conversion with non-climate and parking. The second is a new build in lease-up with outdoor parking.
The transaction
What actually happened.
Oakside sold a two-property, 114,132 NRSF Kentucky portfolio including a tobacco warehouse conversion, generating 13 written offers. The deal closed 10 percent above the seller's expectations after clearing Phase 1 and Phase 2 environmental work and a zoning change.
- 01
The challenge
Environmental work requiring Phase 1 and Phase 2 assessments, and a zoning change on the outdoor parking component after the city rewrote its requirements the year before.
- 02
What Oakside did
Oakside built the offering around the value-add components the buyer pool would pay for: additional lease-up, parking expansion, rate upside and tenant insurance. The transaction team then held every party to the diligence schedule.
- 03
The outcome
13 written offers, tightly grouped at or slightly above target pricing. The portfolio closed 10 percent above the seller's expectations.
Related transactions
More of the record.
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