ANAV Holdings Corp., a subsidiary of World Assurance Group, has signed a letter of intent with NFL PA LLC to purchase a 45 percent membership interest in a self-storage facility to be built in Tacoma, Wash. The project has all entitlements in place, and construction may begin within 120 days of closing. When complete, the multi-story facility will contain 879 climate-controlled units.
According to Jonathan B. Morgan, president of World Assurance Group, the decision to sign the letter of intent was based on the location of the property, which is close to universities and military installations.
Through ANAV, World Assurance Group intends to participate in all areas of real estate transactions, including direct ownership, co-investment with other institutions or developers, and indirect participation through the acquisition of distressed debt or non-performing loans, with the eventual goal of control of the underlying assets.
NFL PA was created to serve the self-storage industry. Formed by an ex-NFL player―hence the name―it is being managed by a member of Sustainable Green Inc.
Biggest Property in Washington [Self-Storage Talk]