The 671-unit, 71,67-square-foot facility was stabilized at 82 percent occupancy at the time of sale. The seven-year-old facility at 8110 South Cockrell Hill Road will be rebranded AC Self Storage Dallas.
AC Self Storage closed the transaction in less than 60 days from receipt of due-diligence materials and nearly two months ahead of the contract closing date. The company also closed a new commercial mortgage-backed securities loan with Wells Fargo Bank N.A. that was funded 40 days after the loan application was submitted.
It has been a real pleasure to work with Wells Fargo on this transaction, said Troy Downing, CEO. Everyone on the lenders team was professional, thorough, and responsive, allowing us to complete the purchase well ahead of schedule and well before our financing contingency period expired.
According to Downing, the non-recourse loan at 65 percent loan-to-value has a 10-year term and a 30-year amortization. The interest rate is 5.9 percent.
AC Self Storage contracted Westport Properties to manage the facility. Westport is the property manager for the entire AC Self Storage portfolio.
AC Self Storage Solutions Newport Beach, Calif.-based operator of self-storage facilities. Focused on acquiring stable, cash-flowing properties, the company is a joint venture between Axxcess Capital Ventures LLC and Specialized Storage Management Holdings LLC.