West Palm Beach, Florida-based Elite Stor Capital Partners (ESCP) closed on the purchase of Storage Max, based in Nicholasville, Kentucky, Elite said on Monday, bringing its total square footage holdings to over 1.2 million square feet.
With its newest acquisition, ESCP reached settlement on a 110,000-square-foot self-storage facility located 11 miles southwest of downtown Lexington, Kentucky, off U.S. Highway 27. The transaction was led by Elite CEO Benjamin Macfarland and Chief Operating Officer Don Toler.
"This property is plug and play for our accretive aggregation strategy in this market, allowing us to further utilize our Kentucky-based call center and increase economies of scale, further driving cash on cash returns to our investors," Macfarland said.
The facility, which is 90 percent occupied, consists of 857 units, including 175 climate-controlled units, and will be rebranded, Elite said. The property’s fully integrated amenities include 24-hour gate access, recorded video surveillance, on-site management, and RV, boat and vehicle parking.
ESCP, formed in 2013, is a vertically integrated platform created to facilitate institutional and private capital investment in self-storage. The company will continue to invest in self-storage space through acquisitions of existing self-storage facilities, conversion opportunities, and ground-up development nationally.
The company is focused on acquiring self-storage properties, as well as direct equity investments with U.S. developers and operators with proven track records in self-storage.