Virtus Real Estate Capital, a real estate private equity firm, recently acquired Audubon Point Mini Storage in Horn Lake, Miss., the company’s third self-storage property in the region and the fifth in its joint-venture partnership with Absolute Storage Management (ASM), a Memphis, Tenn.-based self-storage operator and management company.
Built in 2007, the property at 1411 Audubon Point Drive encompasses 125,630 square feet of storage space in 935 units. At the time of acquisition, the property was 55 percent occupied, according to a Virtus press release. The site is along U.S. Highway 51, just south of the main retail corridor in Horn Lake.
"The South Memphis suburbs of Horn Lake, Olive Branch and Southaven will continue to be an area of focus for Virtus and Absolute going forward, due to the region’s underlying economic and population growth as well as Absolute’s presence in the market,” said Scott Humphreys, acquisitions director for Virtus.
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 bought Outback Storage, also in Horn Lake, in January. It is actively seeking additional opportunities to acquire storage properties in its target markets.
Founded in 2002, ASM is a provider of third-party management services, overseeing more than 80 properties in the Southeast United States. It has offices in Atlanta; Charlotte, N.C.; and Jackson, Miss.