Virtus Real Estate Buys 2 Memphis Self-Storage Facilities

Virtus Real Estate has acquired two more Memphis-area self-storage facilities for an undisclosed amount, totaling 847 units and more than 109,000 rentable square feet.

Virtus Real Estate has acquired two more Memphis-area self-storage facilities for an undisclosed amount, totaling 847 units and more than 109,000 rentable square feet.

Virtus, a private equity firm based in Austin, Texas, purchased Collierville Mini Storage (347 units, 49,300 square feet) and Winchester Pointe Mini Storage (500 units, 59,870 square feet). Collierville Mini Storage was reporting 90 percent occupancy at the time of acquisition.

Virtus and its partner Tellus Development Ltd., which is based in Gulfport, Miss., purchased four self-storage properties in Memphis and nearby Southaven, Miss., last year for $7.5 million.

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