Flatirons Asset Management Acquires 33 Red Dot Self-Storage Facilities

November 1, 2022

1 Min Read
Flatirons Asset Management Acquires 33 Red Dot Self-Storage Facilities

Private investment firm Flatirons Asset Management has acquired 33 self-storage facilities across eight states from Red Dot Storage, which will continue to manage the properties. The portfolio, which was 90% occupied at the time of sale, comprises more than 1.3 million rentable square feet in 9,125 units. The locations are in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, according to a press release.

“This is a great opportunity to acquire a carefully curated portfolio of some of the best self-storage assets across the South and Midwest,” said Scott Smith, president and CEO of Flatirons. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage. With the shift in consumption of self-storage toward younger generations, the consumer increasingly values the low friction, contactless experience that Red Dot pioneered. We are excited to have acquired this portfolio and to work with an industry leader like Red Dot Storage.”

Based in Louisville, Colorado, Red Dot was launched in 2013 by Sparkplug Capital LLC. It owns or manages more than 190 self-storage facilities across 19 states. Its portfolio comprises more than 7.6 million rentable square feet.

Founded in 2019, Flatirons specializes in sponsoring “tax-advantaged” real estate offerings, including Delaware statutory trusts. Since launching, the company has acquired 43 self-storage properties across 11 states, the release stated.

Source: PR Newswire, Flatirons Asset Management Acquires 33 Self-Storage Properties from Red Dot Storage

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