Rosewood Property Co. (RPC), a Dallas-based real estate firm, has acquired five self-storage properties in major markets nationwide. The specific locations will be identified pending legal and governmental approvals, according to a press release.
“The markets in which we made these latest acquisitions were all target markets for our portfolio and represent important additions to our expanding presence in the self-storage sector,” said president Bill Flaherty.
The facilities are new, multi-story sites with climate-controlled and drive-up units. All were locally owned. “It was time for the ownership of those facilities to monetize their investments,” Flaherty said. “Rosewood is a knowledgeable buyer [that] had completed extensive market research and provided a predictable and fully qualified exit for those partnerships.”
Since mid-2016, RPC has invested more than $100 million to acquire self-storage properties in California, Indiana, Texas and Washington. The recent additions total more than 625,000 rentable square feet of space in 5,700 units. Most recently, the company purchased StorAmerica Storage & Wine Cellar in Carmel, Ind. The property is managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name.
“We continue to focus on additional acquisitions in multiple targeted markets as well as maximizing the value of our existing properties through active management,” Flaherty said.
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its portfolio includes 41 self-storage facilities totaling more than 3.15 million rentable square feet and 25,000 units in 11 states. In addition, the company is expanding existing properties and developing multi-story self-storage projects in Denver as well as Portland, Ore. RPC and its affiliates maintain a portfolio that includes office, multi-family, industrial, self-storage and land assets as well as equity securities of public and private real estate investment companies.