Virtus Real Estate Capital, a real estate private equity firm, recently acquired a self-storage facility in Oklahoma City. Pro Storage is the company’s seventh acquisition in the metropolitan statistical area since 2012 and the second in its joint-venture partnership with Advantage Self-Storage, a Texas-based owner/operator that oversees operation of all the partnership’s properties in Oklahoma City.
Built in 2005, Pro Storage encompasses 65,475 square feet of storage space in 516 units. Near the University of Oklahoma, the property was 94 percent occupied at the time of sale, according to a Virtus press release.
The partnership plans to expand the facility by approximately 15,000 square feet. The additional 124 units will be available during the first quarter of 2015.
"The Pro Storage acquisition marks another significant milestone in our recent efforts to add to our Oklahoma self-storage portfolio,” said Scott Humphreys, acquisitions director for Virtus.
Founded in 1996, Advantage Self Storage develops, manages, acquires and builds self-storage facilities. It currently operates more than 25 properties in Oklahoma and Texas.
Based in Austin, Texas, and founded in 2003, Virtus has acquired more than $2.3 billion of commercial real estate in more than 167 properties across the United States. The company is actively seeking additional opportunities to acquire storage properties in its target markets.