Anchoring its presence along the Eastern Seaboard with the purchase of new Florida properties, Athena Real Estate announced from Danbury, Connecticut, its recent acquisition of two self-storage businesses to enhance and diversify its portfolio yesterday.
Palm Bay Self Storage is a 27,300-square-foot facility in Palm Bay, south of Melbourne in Brevard County. Easy–Stor Self-Storage in Dade City, with 52,250 square feet, is northeast of Tampa in Pasco County.
Both properties will be re-branded Out O’ Space Storage, joining Athena’s four affiliated self-storage ventures, and offer outside parking for vehicles -- including RV's -- as well as household and commercial storage capacity.
"We are pleased to acquire these two properties, which are value-added opportunities with upside in occupancy,” Richard O'Brien, Athena's CEO and founder, said. “We are confident in our ability to improve the current occupancy at both locations through revenue enhancing capital and increased marketing efforts.”
Athena Real Estate, a real estate investment and advisory business founded by O’Brien in 2004, focuses on niche collateral properties such as RV parks, manufactured housing communities and self-storage facilities. Athena and its affiliates span the East Coast from Maine to Florida, now owning a total of six self-storage properties, with a focus on obtaining optimum returns through focused management.
With plans for further similar acquisitions, O’Brien said Athena will continue to seek out 40,000- to 80,000-square-foot facilities in strategic locales, including climate and non- climate controlled spaces.