VanWest Partners Acquires Five Property Portfolio in Michigan
Apr 5, 2021
DENVER, April 5, 2021 /PRNewswire/ -- VanWest Partners, an opportunistic investment firm specializing in commercial real estate acquisition, management, and sales, announces the acquisition of 5 self storage facilities to its newest fund, VanWest Self Storage Fund II, LLC. Year to date, the firm has closed on a total of 7 self storage facilities representing just under $30mm in total capitalization.
The 5-property Michigan portfolio was closed in mid-March and includes 2 self storage facilities in the greater Detroit market and 3 self storage facilities in the Grand Rapids market. The portfolio totals just over 265,000 net rental square feet and 1,628 units including 232 boat and RV parking spaces.
VanWest plans to rebrand the 5 facilities under its ClearHome Self Storage management platform. By leveraging technology coupled with an active, hands on-management approach, ClearHome will drive net operating income by optimizing expense loads and dynamically managing revenue streams. With the addition of the Michigan portfolio, VanWest now owns and operates self storage facilities in 8 states and 12 metro areas nationwide.
VanWest Self Storage Fund II is comprised of a diverse mix of storage facilities within select markets of the United States, and provides an investment opportunity that combines current income as well as capital appreciation.
"We're excited to add the Michigan portfolio to Fund II, and we look forward to acquiring additional facilities in the Grand Rapids and Detroit markets. The geographic concentration of the portfolio compliments our other Midwest markets nicely and positions Fund II to further benefit from the economies of scale that a large, diverse portfolio offers," said Jacob Vanderslice, Managing Partner of VanWest.
VanWest Partners and its affiliates have successfully invested in 30 self storage projects totaling over 1,500,000 net rentable square feet and over 12,000 units.
About VanWest Partners
VanWest Partners is an opportunistic investment firm specializing in commercial and residential real estate within the United States. By harnessing a diversified strategy and uncovering value in often-overlooked markets, VanWest maximizes investment performance for its stakeholders while avoiding the traditional, single focus strategy of many investment companies. At VanWest, we reveal and maximize opportunity to make a positive and lasting impact. Learn more about VanWest at VanWestpartners.com or on LinkedIN.
Media Contact:
Katie Lyon
(303) 877-2859
[email protected]
SOURCE VanWest Partners
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