Etude Capital Storage Holdings (ECSH) has acquired a 22-property self-storage portfolio in Florida, Oklahoma and Texas. The unidentified facilities operate in nine metro areas including Orlando and Tampa, Fla.; Oklahoma City and Tulsa, Okla.; and Austin, Houston and San Antonio, Texas. Together, they comprise 1.1 million net rentable square feet, according to the source.

The company intends to expand the properties by 500,000 square feet within the next 18 months. “The ability to achieve scale in a single transaction was key to this acquisition,” said Steven Stein, president.

All the properties will be rebranded and managed by CubeSmart, a self-storage real estate investment trust and third-party management firm, the source reported.

“Fewer large portfolios have come to market during the last several months, so interest in this deal was very deep and very diverse,” said Kenneth Cox, executive managing director of NKF Capital Markets, which completed the debt and equity origination on the transaction.

ECSH is an affiliate of Austin-based Etude Capital LLC, a private investment holding company founded in 2012.

NKF provides brokerage transaction and financial services to the self-storage industry. The group has completed more than $6 billion in transactions across more than 540 properties.

Source:
Commercial Property Executive, NKF Capital Markets Secures Loan for Large Self-Storage Deal