Virtus Real Estate Capital, an Austin, Texas-based private equity firm, recently purchased two self-storage facilities, one in Mississippi and the other in Ohio. Combined, the facilities offer 1,077 storage units. No financial terms were disclosed.
Virtus acquired Brandon Self-Storage, a 584-unit self-storage facility in Brandon, Miss. Originally constructed in 1976 with 10 traditional storage buildings, the previous owners added two buildings in 2003 containing 145 climate-controlled units.
The company also acquired Reynoldsburg Self-Storage, a 493-unit property offering 67,725 square feet of rentable space in Reynoldsburg, Ohio. The facility includes 155 outdoor parking spaces for vehicle storage. The sites original 10 buildings were constructed in 1992. A 67-unit, climate-controlled building was added in 2004.
Both facilities will be managed by Sovran Self-Storage, which manages several other Virtus properties, officials said. Sovran is a publicly traded self-storage real estate investment trust (REIT) that operates under the brand name Uncle Bobs Self Storage. The company owns and/or operates more than 400 self-storage facilities across the United States, encompassing more than 20 million square feet.
Since its inception in 2003, Virtus has acquired more than $1.65 billion in real estate assets, including more than $100 million in self-storage. The firm targets recession-resilient asset types in which demand is driven by demographic information.