Built between 1993 and 1995, the two facilities together encompass over 800 units of Class B product in the heart of northwest Arkansas. Located south of Walmart’s headquarters on an infill location, the Bentonville site benefits from strong traffic counts and high barriers to entry, due to strict construction materials requirements.
Located along a heavily travelled thoroughfare, the Rogers facility benefits from being one of a small number of sites in town with climate-controlled units, as a 2001 expansion added two new buildings totaling 22,000 square feet in air conditioned space.
In 2014, ASM will be leading an extensive on-site capital improvements program, which will inject over $120,000 in facility upgrades across the two sites. Virtus Real Estate Capital will be addressing asphalt repairs, painting and repairing doors, office rehabilitations, additional security elements, and a number of other improvements at both locations.
The joint venture purchase between ASM and Virtus Real Estate Capital marks both organizations first assets in the northwest Arkansas MSA.
“We’re excited to be establishing a solid footprint with these two self-storage acquisitions in a region we feel will continue to see economic growth across a number of different industries, and undergo consistent population increases,” said Scott Humphreys, acquisitions director, Virtus Real Estate Capital. “We’ve seen impressive gains in our portfolio of existing ASM managed stores, and are confident in their ability to drive rental rates and maintain stabilized occupancies through best-in-class operations with a hands-on approach.”
High-resolution photos of both A&A Stor It facilities are available upon request.
About Virtus Real Estate Capital
Virtus Real Estate Capital is a private equity real estate investment company based out of Austin, Texas. Founded in 2003, Virtus has acquired over $2 billion of commercial real estate in more than 150 properties across the United States. Virtus’ investment strategy is to acquire commercial real estate in specific niche property types in targeted markets that serve the highest growth segments of the population: self-storage, student housing, medical office and senior living. Their focus continues to be asset classes that are highly fragmented, require deep market knowledge and generate resilient cash flow streams, even in difficult economic environments. Virtus is actively seeking out additional opportunities to acquire self-storage properties in their target markets. For more information, visit www.virtusre.com.
Absolute Storage Management
Absolute Storage Management (ASM) is a self-storage management company founded in 2002, and is one of the leading providers of third-party management services in the southeastern U.S. They are headquartered in Memphis, Tenn. and operate over 75 properties in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and Virginia. Absolute’s founding partners each have over 18 years of self-storage management and acquisition experience dating back to their beginnings in the industry, holding various positions in the 1990’s at a national self-storage REIT. For more information, please visit: https://www.absolutemgmt.com/
]]>