Asset Size: 117,000 SF / 691 units Location: Charlotte, NC Product Type: Climate Controlled Self-Storage / Street Retail Strategy: Capital Appreciation
Opportunity & Strategy
Special Situation – Abacus Capital identified an opportunity to replace an outgoing developer in an existing partnership and was able to put the previously stalled project into production in a matter of months
Undersupplied Submarket – while the Charlotte market as a whole was near equilibrium in terms of self storage supply/demand at the time of investment, this asset was located in a submarket and trade area that was only supplied at near half of market equilibrium levels
Attractive Location – the asset is located at a heavily trafficked primary intersection (70k vehicles per day)
Favorable Demographics – The project will service 3 of the most affluent zip codes in the greater Charlotte MSA
Best-In-Class Operator – ExtraSpace Storage (NYSE: EXR) was selected to operate the Project upon delivery; EXR is generally regarded as a best-of-breed third party manager in the climate controlled space