Overview
8 BIDS. +$2.3M ABOVE DIRECT OFFER
A Class A, multi-story self-storage asset in San Antonio with below-market occupancy and clear lease-up upside. Ownership received a direct offer from their REIT-affiliated management company, but the pricing failed to reflect full market demand. SkyView replaced a controlled, single-buyer path with a structured process that introduced competition and forced a true market outcome.
90,000+
Square Feet
45%
Physical Occupancy
Class A
Multi-Story Asset
Strategy
From Single Buyer to Full Market Exposure
SkyView shifted the process from a negotiated outcome to a competitive one, designed to validate pricing, surface forward-looking value, and create multiple executable paths.
01
Break the Single-Buyer Dynamic
The opportunity was taken beyond the incumbent REIT/manager to a broader pool of institutional and private buyers, eliminating pricing control from a single party.
02
Run a Disciplined Call for Offers
Defined timelines and controlled communication created urgency, ensuring buyers submitted fully underwritten, competitive bids.
03
Position Forward Value, Not In-Place Metrics
Marketing emphasized lease-up potential and long-term income growth, attracting buyers willing to price on stabilization rather than current occupancy.
Complexity & Challenges
Conflict, Uncertainty, and Pricing Risk
A direct offer from the property’s manager, combined with low occupancy, created both pricing bias and underwriting hesitation that required disciplined positioning.
Conflict of Interest
The initial buyer also managed the asset, creating misalignment and risk of underpricing without competitive validation.
Low In-Place Occupancy
At 45% physical occupancy, buyers needed conviction in lease-up potential, requiring a clear narrative around demand and future performance.
Seller Skepticism
Previous brokerage experiences had underdelivered, making execution certainty and process transparency critical to maintaining alignment.
Outcome
Competition Forced a Higher Market Outcome
The final outcome reflected true market demand, not a negotiated discount, with multiple executable options throughout the process.
8
Competitive Bids
A broad process generated eight qualified offers, validating demand across institutional and private capital.
+$2.3M
Above Direct Offer
Competition drove pricing materially above the initial offer, confirming the asset was undervalued in a single-buyer scenario.
Client Impact
We had a direct offer in hand, but it didn’t feel right. SkyView brought the deal to market, created real competition, and ultimately delivered a result that exceeded our expectations by a wide margin.
Want similar results for your property?
Let’s talk about the right strategy for your sale.
