Fund: VanWest Self Storage Fund II
Unit Count: ~1.7k
NRSF: ~260k
Projected IRR: Mid-to-high teens
An off-market deal sourced through an existing broker relationship, the Michigan Portfolio was a wonderful addition to Fund II.
The portfolio consists of 5 properties, 2 in Metro Detroit and 3 in Grand Rapids.
VanWest Partners’ investment thesis revolved around several different, yet synergistic strategies including lease up, upfront capex projects, professional rate management, and demolition / new development for one of the Grand Rapids locations.
In the first 10 months of taking over, the portfolio saw double digit revenue growth. The construction project will add 15k NRSF of climate controlled storage in addition to substantial capex projects for the remainder of the locations allowing for the ability to push rents and occupancy upon completion.
