DALLAS, TX – Rosewood Property Co. has acquired a portfolio of self-storage facilities from Extra Space Storage. The portfolio of 16 facilities spans 1.3 million net rentable square feet of space in 12 states.
The acquisition expands Rosewood Property Co.’s presence in new and existing markets, and is the company’s largest self-storage transaction.
The portfolio, which totals around 12,000 units, is mainly made up of traditional storage offerings, but also includes various high-quality offerings, such as air-conditioned interiors, driving capabilities and covered outdoor parking for recreational vehicles and the boats.
Extra Space Storage will act as property manager for the majority of the acquired facilities.
The self-storage facilities acquired are located in Auburn, AL, Groton, CT, Miami, FL, Tallahassee, FL, Augusta, GA, Greenwood, IN, Louisville, KT, Biloxi, MS, Grandview, MO, Albuquerque, NM, Kent, OH, North Charleston, South Carolina, Houston, TX, Kemah, TX and Fort Worth, TX.
“Rosewood is constantly on the lookout for the right opportunities to expand its national self-storage portfolio,” said Rick Perdue, President of Rosewood Property Co. “This acquisition strengthens our presence in existing Texas and Midwest markets while diversifying our presence in new markets across the South East. This is the largest acquisition in Rosewood’s history, and we plan to build on this momentum through 2022. ”
“This is an exciting time for Rosewood Property Co. as we take the self-storage portfolio to the next level,” said Matt Janes, director of self-storage for Rosewood Property and a member of the Texas Board of Directors. Self-Storage Association. “The industry is changing rapidly and we are able to remain nimble and seize opportunities in our target markets. We look forward to making even more acquisition announcements in early 2022.”
With this recent acquisition, Rosewood Property Co. now has 73 self-storage projects in operation, totaling over 5.8 million square feet and 44,500 storage units, in 21 states.
For the transaction, Extra Space Storage was represented by a team from Newmark Group Inc. led by Aaron Swerdlin, Kenneth Cox and Taucha Hogue. In securing the financing, Rosewood Property Co. was represented by Jim Davies, Erich Pryor and Tom Sherlock of Talonvest Capital Inc ..