Spartan Investment Group LLC, a self-storage development, property-management and real estate firm that operates the FreeUp Storage brand, recently acquired its 38th facility this year, bringing its 2021 investment total to more than $200 million. The company intends to invest another $500 million in self-storage assets next year as part of its goal to amass a $1 billion portfolio, according to a press release.
Fourth-quarter acquisitions also included 18 Texas facilities comprising 742,285 square feet. Spartan’s footprint in the state is now more than 1.5 million square feet in 11,265 units. “The location, value-add opportunities and ability to expand were the determining factors in closing the acquisition,” said CEO Scott Lewis.
An influx of more than 1.3 million people to the Dallas-Fort Worth area in the last 10 years has fueled local demand for storage, company officials said. Spartan’s footprint in the Dallas metro market comprises more than 1.2 million rentable square feet.
Other Spartan acquisitions this year took place in Colorado, Georgia, Oregon, Tennessee and Wisconsin, the release stated.
Founded in 2013 and based in Golden, Colorado, Spartan syndicates investor capital to develop real estate. The company owns more than 50 self-storage facilities across nine states. Its interests also include luxury condos and RV parks.
Source: EIN Presswire, Spartan Acquires $200 Million in Self-Storage Assets