Prime Tampa Assets Ignite Self-Storage Demand
February 18th, 2022
For Immediate Release:
SkyView Advisors is pleased to announce the sale of the Tampa Bay Self-Storage Portfolio. The coveted portfolio consists of 890 total units and 101,635 net rentable square feet across 8.35 acres. These two well-established assets will yield numerous avenues for revenue growth, including expansion potential at each site and the ability to raise rates to meet the market.
The facilities are advantageously situated the heart of the Tampa Bay Metro Area, one of the fastest growing MSAs in the country. The sites offer impeccable locations along Tampa’s major thoroughfares and benefit from over 200,000 individuals within the immediate trade area. There have been significant renovations done on each site, ranging from 2018 to 2021. Tampa’s robust population and livability have anchored the facility’s strong physical occupancy of 93 percent, with ample room for additional growth.
The team was able to navigate and execute this intricate transaction by utilizing the firm’s proven 252-point deal process. Ultimately, Senior Vice President and lead broker Scott Schoettlin generated 14 highly competitive offers. Merit Hill Capital, which had the ninth largest self-storage investment portfolio in 2021, navigated this complex transaction with true professionalism and expertise. The nationally renowned investment group was awarded the prized portfolio upon completion of the deal.
- 14 Highly Competitive Offers Indicative of the Unprecedented Demand for Self-Storage
- No New Facilities Planned Within Five Miles of Either Site
- Expansion Opportunities at Both Properties
- Excellent Portfolio-Wide Physical Occupancy of 93 Percent, With Room for Growth in a Flourishing MSA
- Value-Add Through Apartment Rentals on the Second Floors, Which are Currently Vacant
- Location in a Top-10 MSA with a Dense Population and Strong Household Incomes Ensures Success for Years to Come