Armor Storage Portfolio Western, WA
Olympia, Lacey & Port Angeles, Washington
This offering represents a rare opportunity to acquire a truly best-in-class three-property portfolio located in the high-growth Puget Sound region of western Washington. The combined portfolio includes properties in Olympia, Lacey, and Port Angeles, totaling 179,105 NRSF, with 1,408 units in a diversified unit mix offering both heated and drive-up units, enclosed and covered Boat & RV spaces, as well as open parking. All three facilities were built between 2015-2020 to exacting standards with premium materials. The portfolio offers investors strong in-place rents of $1.72/ft and combined physical occupancy of 92%, with significant upside through occupancy gains and rental increases.
All three properties are located in areas experiencing significant population and income growth, in prominent, high exposure locations with superior construction quality and a differentiated unit mix. This combination allows the facilities to achieve premium rents while delivering exceptional value to customers. Olympia and Lacey are both part of the Olympia MSA, which serves as Washington’s state capital. This area provides stable government-backed employment as well as benefits from its close proximity to the highly dynamic Seattle-Tacoma MSA. Port Angeles is located on the northern coast of the Olympic Peninsula, with a growing local economy driven by year-round tourism, a deep-water port serving local manufacturing, logistics, and forest products as well as migration from the greater Seattle area.
The Armor Portfolio provides investors with the opportunity to acquire scale and in-place cash flow across multiple high growth trade areas with meaningful upside achievable through operational enhancement, occupancy gains and rental increases. The assets offer strong in-place rents and recurring demand characteristics that support durable NOI. Recent occupancy gains and increasing asking rent over the winter season further demonstrates strong asset performance and underlying market demand. Offers will be considered for the entire portfolio or on an individual property basis. The Armor Storage name and branding are not for sale.