201 Berkley Rd, NE, Roanoke, VA
Management Partner: Cubesmart
Rentable Area: 50,500 square feet
Units: 311
460-unit apartment building schedule to open 6 months after purchase.
Road improvements completed 3 months after purchase to increase traffic counts.
This 50,500 square foot facility is an excellent value add opportunity. By installing Cubesmart as the 3rd party manager, Roanoke Self-Storage expects to stabilize the asset within 2 years and increase NOI by no less than 25%. This acquisition presents our equity partners with a shorter investment timeline compared to ground up developments while anticipating similar rates of return.
Sold to Storage King in August of 2020. 27.3% Cash on Cash return to investors after a 1 year hold.
