U-Store-It Trust, a self-storage real estate investment trust, sold a portfolio of 18 self-storage properties to the joint venture Kayne Anderson Real Estate Advisors and Flagship Investment Group, a central Florida-based developer, owner and operator of self-storage facilities.
Totaling 7,870 units and 975,600 square feet of self-storage, the properties are in Indianapolis, Cleveland and Canton, Ohio. The company plans to make significant capital and operational improvements.
Kayne Anderson and Flagship now own 29 self-storage facilities, operating under the StorKwik brand in six markets across the United States, representing a total of 14,780 storage units with 1,861,176 square feet.
"The partnership with Kayne Anderson is one that we hope to continue growing as our combined expertise, reputation and strength in the sector continues to bear fruit," said Chip Headley, president and chief investment officer at Flagship Investment Group.
“By continuing to align with strong operating partners like Flagship, Kayne Anderson is able to capitalize on compelling investments like the U-Store-It purchase where we believe value can be added through capital and operational improvements,” said Al Rabil, managing partner of Kayne Anderson Real Estate Advisors.
Steve Hryszko, vice president for the CB Richard Ellis Self Storage Advisory Group Cleveland office, brokered the sale.
In addition to its portfolio of self-storage properties, Kayne Anderson also owns 28 student housing properties with over 14,000 beds in 19 states and 21 university markets across the United States.
The CB Richard Ellis Self Storage Advisory Group specializes in the acquisition, disposition, and financing of self-storage facilities nationwide.