Rosewood Property Co. (RPC), a real estate firm with interests in self-storage, acquired 16 facilities across 12 states from Extra Space Storage, an industry real estate investment trust. The deal includes 1.3 million net rentable square feet across 12,000 units. Extra Space will continue to serve as the property-management company for most of the sites, according to a press release.
“Rosewood is constantly on the hunt for the right opportunities to expand its national self-storage portfolio,” said RPC President Rick Perdue. “This acquisition strengthens our presence in existing markets throughout Texas and the Midwest while diversifying our presence into new markets across the Southeast. This is the largest acquisition in Rosewood’s history, and we plan to continue the momentum into 2022.”
RPC now owns 73 self-storage facilities comprising more than 5.8 million square in 21 states. It remains focused on actively building its portfolio through acquisition, expansion and strategic development, the release stated.
“This is an exciting time for Rosewood Property Company as we take the self-storage portfolio to the next level,” said Matt Janes, director of self-storage for RPC. “The industry moves quickly, and we are able to remain nimble and move on opportunities in our target markets. We look forward to making even more acquisition announcements in early 2022.”
Extra Space was represented in the transaction by Kenneth Cox, Taucha Hogue and Aaron Swerdlin of commercial real estate firm Newmark Group Inc. Financing was procured by Jim Davies, Erich Pryor and Tom Sherlock of Talonvest Capital Inc., a commercial real estate mortgage brokerage.
Dallas-based RPC is the real estate investment vehicle for The Rosewood Corp., which is owned by the Caroline Hunt Trust Estate. Its portfolio includes investments in office, multi-family, industrial, self-storage and land.