Union Realtime Launches 'Compass Report' for Self-Storage Feasibility

Union Realtime LLC, a technology-services company that specializes in self-storage development data, has launched “The Compass Report,” an on-demand feasibility document that can be generated when using the company’s pay-per-use analytics platform, Radius. Reports can be run for any U.S. address and include details on supply/demand, competitive landscape, current and historical rental rates, demographics, development activity, and other site-specific information, according to a press release.

Designed for self-storage appraisers, brokers, developers, investors and owners, the report tool was developed in collaboration with TCF Bank “to understand the underwriting process and the metrics that matter most when evaluating a self-storage investment,” the release stated.

“Up until now, reliable and accessible third-party information has been desperately lacking in the self-storage industry,” said Jeff Bass, senior vice president of self-storage lending at TCF Bank. “Reviewing The Compass Report is now an essential step in our underwriting process.”

“Feasibility reporting has been by far the most requested feature by our users, and we are thrilled to work with one of the leading lenders in the self-storage industry to bring it to market,” added Cory Sylvester, principal at Union Realtime. “TCF Bank has been instrumental in the design by providing guidance on the metrics that matter most to the investor and lender community.”

Based in Wayzata, Minn., TCF Bank is a wholly owned banking subsidiary of TCF Financial Corp., a bank holding company.

Union Realtime uses technology solutions to deliver self-storage data and analysis. Among its offerings is Radius, an online tool that tracks market demographics, occupancy and rental rates in addition to new and existing self-storage supply. Its tracking data is updated daily.