WPC Self Storage Portfolio

Rockville, MD, US, Americas

描述

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to offer to qualified investors the opportunity to acquire this CubeSmart operated facility (the “Property” or “Offering”), a Class-A Storage Facility located in Rockville, MD. The facility consists of two properties opened in 2016 and 2020, and is comprised of a multi-story climate controlled building with non-climate drive-up units underneath, totaling over 126,000 rentable square feet across 1,457 units. The facility currently runs under two separate management parties (Both CubeSmart), which allows investors to consolidate books and reduce expenses, while maintaining revenue from both properties. In addition, ECRIs are possible in relation to an elevated market rate, to further increase revenue while already physically stabilized. All-in-all, the Offering represents an excellent opportunity to acquire a well located, brand new Class A self storage facility in an affluent market and favorable demographics.

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属性

可租赁面积

11,794 平方米

单位数量

1,457

土地总面积

1.18 公顷

占用率

90.5%

报价截止日期

2026/04/30

WPC Self Storage Portfolio (2个物业)

媒体

投资亮点

WELL LOCATED, NEW BEST-IN-CLASS CONSTRUCTION

Located adjacent to one another, this facility consists of two Class-A self storage buildings operated by CubeSmart. After developing and successfully leasing up 4 Research Place in 2016, Washington Property Company built 44 Research Place in 2020 directly beside it, which has since seen the same success. This trophy multi-asset offers a high-end property in the wealthiest city in Maryland, Rockville.

SIGNIFICANT REVENUE UPSIDE

With over 90% physical occupancy and nearly economically stabilized, the property has meaningful revenue growth potential through ECRI rental rate churn in addition to its already strong in-place cash flow. Now that the tenant base at the Property is in place, there is an opportunity for a new owner to push current in-place rents and capture that upside. With achieved rates of $2.34 Vs. a market rent of $2.50, the property has room to grow and can raise rents feasibly, and even surpass the market because of it’s pristine nature, proving this plan to be attainable.

TWO-PARCEL UPSIDE

While currently being run as two separate properties, these adjacent facilities offer the ability to consolidate management and reduce expenses while providing the same cash flow.

STRONG SURROUNDING DEMOGRAPHICS WITH GROWTH

Rockville, Maryland - located in Montgomery County, the most populous county in Maryland - sits around 20 miles northwest of Washington D.C. and stands as the wealthiest city in the state. With an average Household income of $177K and population of 285,757 within a 5-mile radius, the demographics strongly support the elevated market rents and ability for this facility to push current rates. This affluent nature has led to new development in multi-family and retail, which will only lead to an even more populated region.

SOLAR PANEL PROGRAM

In addition to a history of utilities savings due to the solar panels, the property also has sold over $21,500 Solar Renewable Energy Credits (SRECs) over the last year, providing an additional revenue stream.