The acquisition includes more than 9,000 storage units and an excess of 1.3 million rentable square feet.
MINNEAPOLIS, Oct. 27, 2022 /PRNewswire/ -- Flatirons Asset Management ("Flatirons"), a private investment firm specializing in the sponsorship of tax-advantaged real estate offerings, announced the acquisition of a 33-asset portfolio from Red Dot Storage. These facilities include a total of 9,125 storage units, encompassing an excess of 1.3 million rentable square feet.
The self-storage properties, located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, will continue to operate under the Red Dot Storage brand. The portfolio was 90% leased as of 8/31/2022.
Red Dot Storage, a top operator of self-storage properties in the U.S., is a high-growth company that uses proprietary technology which enables industry-leading efficiency. They provide safe and simple storage solutions to customers spanning more than 190 locations and 19 states with a focus on delivering an exceptional customer experience.
"This is a great opportunity to acquire a carefully curated portfolio of some of the best self-storage assets across the South and Midwest," said Scott Smith, Flatirons president and CEO. "Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage. With the shift in consumption of self-storage toward younger generations, the consumer increasingly values the low friction, contactless experience that Red Dot pioneered. We are excited to have acquired this portfolio and to work with an industry leader like Red Dot Storage."
About Flatirons Asset Management
Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory trusts. Since its founding in 2019, the firm has acquired 43 self-storage properties across 11 states. Flatirons' investment opportunities seek to provide reliable income, downside protection and upside potential through skillful management and strategic exits.
To learn more, visit www.flatironsam.com, email [email protected] or call 720-799-0411.
Press Contact:
Stacey Billy
720-799-0411
[email protected]
SOURCE Flatirons Asset Management
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