Success Story
Horizon Storage Portfolio
Simpsonville & Shelbyville, KY (Louisville MSA)
SELLER PROFILE
Private Local Developer
BUYER PROFILE
National Private Equity
PROPERTY PROFILE
Two property portfolio: one site consists of a tobacco warehouse conversion with non-climate and parking, the second site is a brand new build in lease-up with outdoor parking.
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Summary
- The two locations resided seven miles apart in a submarket approximately 30 miles east of the Louisville, KY MSA.
- We strategized with our client to feature multiple value add components: additional lease-up, parking expansion, rate upside, tenant insurance.
Results
- The Oakside Advantage yielded 13 written offers with a tight grouping at or slightly above our target pricing.
- Our transaction management team held all parties accountable to overcome multiple due diligence hurdles related to environmental concerns (Phase 1&2). We also navigated a zoning change related to the outdoor parking component where the city had changed requirements the year prior.
- Our team led all parties to a successful closing 10% above the seller’s expectations.