Self-Storage Operator Westport Properties Merges With Vertex Investments to Create Residential Platform

January 15, 2021

2 Min Read
Self-Storage Operator Westport Properties Merges With Vertex Investments to Create Residential Platform

Westport Properties Inc. (WPI), which operates more than 130 self-storage facilities under the US Storage Centers brand, has merged with Vertex Investments, a privately held real estate investment company specializing in multi-family properties and mobile-home parks nationwide. The merger will enable Westport to expand into the residential sector, with Vertex co-founders David Grissom and Scott McCormick serving as managing partners of Westport Residential, the company’s new vertical platform, according to a press release.

“David and I have had a close working relationship for over a decade, when I realized his values and culture aligned with Westport’s,” said Drew Hoeven, chairman and chief investment officer of Westport Properties. “This merger was the perfect opportunity and partner for us to launch a residential platform that we have envisioned for some time. We now have the resources and expertise to acquire multi-family properties and manage them inhouse while continuing our growth within the self-storage and industrial verticals.”

Launched in 2017, Vertex owns and manages seven multi-family properties comprising 638 units. With more than 16 years in commercial real estate, Grissom has been involved with acquisition and development projects valued at more than $1.1 billion. McCormick also has more than 16 years of experience in commercial real estate and has managed more than 4.5 million square feet valued at more than $400 million.

“We have enjoyed working with the Westport team over the years,” McCormick said. “Sharing the same goals and culture, it made sense to merge with Westport. We are thrilled to join a premier organization that will enable us to continue to grow and provide a high level of service to our clients.”

Founded in 1985, WPI is a fully integrated self-storage operator that acquires, develops and manages its own portfolio in addition to providing third-party management services. The company has about 11 million rentable square feet under management and employs 400 people nationwide. It’s also a founding partner of Kure-It, a nonprofit that raises money for underfunded cancer research, and Charity Storage, which uses vacant storage units to raise money for local charities.

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like