Fairview Partners, a Seattle-based private-equity firm, has purchased Double D Self Storage in Turlock, Calif. The facility was built in 1999 on 5.32 acres and is comprised of 92,708 square feet in 609 units.
"We are pleased to have completed this acquisition at a favorable cost basis and anticipate the asset will not only yield above market returns to our investors, but also reinforces our commitment of value investing and capital preservation, said Michael Morgan, company principal.
Fairview Partners launched its first fund in 2011 to acquire and manage performing and non-performing loans, real estate and other real estate-secured assets, including self-storage. The firm has invested more than $20 million into distressed debt and rescue capital opportunities in 17 separate transactions since its formation.