Virtus Real Estate Capital, a real estate private equity firm, recently acquired a self-storage facility in Bentonville, Ark. Bentonville Storage is the company’s third acquisition in the Northwest Arkansas storage market this year and the fourth in its joint-venture partnership with Absolute Storage Management (ASM), a Memphis, Tenn.-based self-storage operator and management company.
Built in 2002, the property at 2113 E. Central encompasses 57,750 square feet of storage space and 400 units. Amenities include security cameras, an onsite manager, vehicle storage, and moving and packing supplies. The property is near Walmart’s corporate headquarters and minutes from downtown Bentonville, according to an ASM press release. It was 98 percent occupied at the time of sale.
“Bentonville Storage will serve as the cornerstone asset in our recent efforts to move into the Northwest Arkansas self-storage market. The facility will be a key addition to the two facilities Virtus purchased in March by providing additional climate-controlled space and a variety of complimentary unit types,” said Scott Humphreys, acquisitions director for Virtus. “We’re incredibly thrilled to continue adding to our portfolio of assets with ASM.”
ASM plans to implement a new revenue-management program and a tailored approach to the direct operational management of the property, according to the company’s release. It also intends to establish greater online presence using search engine optimization.
“Bentonville Storage is a great piece of real estate, and it fits very well in our overall strategy of expanding in Northwest Arkansas,” said Michael Haugh, ASM president and a broker affiliate for the Argus Self Storage Sales Network, a national network of real estate brokers who specialize in self-storage. Haugh and fellow Argus broker Larry Goldman
Based in Austin, Texas, and founded in 2003, Virtus has acquired more than $2.3 billion of commercial real estate in more than 163 properties across the United States. The company is actively seeking additional opportunities to acquire storage properties in its target markets.
Founded in 2002, ASM is a provider of third-party management services, overseeing more than 80 properties in the Southeast United States. It has offices in Atlanta; Charlotte, N.C.; and Jackson, Miss.
Based in Denver and formed in 1994, Argus provides brokerage, consulting and marketing services to self-storage buyers and sellers and operates SelfStorage.com, a marketing medium and information resource for facility owners. The company has 36 broker affiliates covering nearly 40 markets.
- Absolute Storage Management Blog: Absolute Storage Management Acquires New Bentonville, Arkansas Property