Farmington Hills, MI (PRWEB) July 17, 2012
Storage Pros Management LLC (http://storageprosmanagement.com/), announces the acquisition of seven investment-grade self storage facilities, all within the state of Michigan.
The properties were acquired in two recent portfolio transactions totaling $19.5 million. The acquisitions make Storage Pros the largest owner-operator of self storage facilities in the state of Michigan, with 37 facilities under management.
The seven acquisitions represent more than 450,000 square feet of storage space. All seven properties have been rebranded to the Storage Pros Self Storage trade name. In addition, SPM has launched an $850,000 capital improvements program to modernize the facilities.
“We are pleased to be able to continue to execute our opportunistic acquisitions program, targeting high-yield investments in our core markets,” said CEO David Levenfeld. “In a marketplace with abundant capital, our focus is on uncovering value-add investment opportunities to provide both substantial cash flow and attractive capital appreciation over time.”
Overall, Storage Pros now manages 58 facilities in six states, all in New England, the Midwest and the Southeast. The properties are comprised of more than 3 million square feet of self storage space and more than 26,000 storage units and parking spaces for rent.
SPM, founded in 2007, offers comprehensive third-party self storage property management services, including receivership. The SPM platform is focused on leveraging economies of scale by aggregating multiple assets within each market in which SPM operates. This approach, combined with a focus on revenue management, positions SPM to enhance property valuation.
SPM’s third-party client base includes private equity funds, lending institutions and individual investors.
For more information on SPM, please visit http://www.storageprosmanagement.com.