This offering presents an incredibly rare opportunity to acquire two (2) physically stabilized, institutional quality self-storage projects in the highly sought-after markets of Los Angeles and San Diego. The Portfolio totals 270,926 rentable square feet of self-storage and 2,278 units. Each asset was developed with institutional level quality and amenities, a very rare combination in a Southern California portfolio offering. Each site has prominent, high-visibility locations with excellent population densities, high average incomes, and very high barriers to entry.
The portfolio is currently 92% physically occupied and has seen 22.3% effective rental rate growth in the past 3 years. This, combined with each trade area’s average high occupancy, muted new supply, and below-market in-place rents, offers a completely unmatched opportunity in the market for an operator to acquire two core, best-in-class assets with immediate yield potential.
The stores are located in Los Angeles and San Diego County, two of the most populous metros in the U.S with a total population of approximately 10.2 and 3.3 million respectively. The Carson project is located in the South Bay area of Los Angeles County, the second largest metro region in the world, and boasts some of the highest rental rates in the country. The San Diego County store is located in the city of Carlsbad, CA, which boasts the second largest gross regional product in San Diego County. North San Diego County is one of the fastest-growing regions in California and Carlsbad strategically located in the center of North County is the nucleus with many future planned commercial and residential developments.