NexPoint Storage Partner has expanded its reach with the acquisition of self-storage operator SAFStor
The deal, announced late Monday afternoon, brings NexPoint’s total asset value to $1.7 billion, adding 29 properties in nine states, including assets in South Florida and Washington, D.C. NexPoint now has 71 wholly owned and operating properties with an additional property slated to open in February.
“The SAFStor acquisition continues the strong execution of our strategy to own the newest and highest quality self-storage portfolio in the United States and provides us with greater financial flexibility and unique opportunities to pursue new investments in the latest generation of self-storage facilities,” John Good, CEO of NexPoint Storage, said in a statement. “This platform, which includes 17 additional properties owned by Delaware Statutory Trusts that we have a right to acquire in the future, comprises a $2 billion asset value portfolio, which we believe would be one of the largest privately held self-storage portfolios in the U.S.”
Andrew Young, CEO of SAFStor, said the NexPoint Storage transaction marks the culmination of a longstanding partnership with the company and will yield a “winning outcome.”
Andrew Coen can be reached at acoen@commercialobserver.com