Description

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to offer qualified investors the opportunity to acquire the United Hampshire Portfolio (the “Portfolio” or “Offering”), a two-property self-storage portfolio located in the affluent and supply-constrained Northern New Jersey markets of Millburn and Carteret. The Portfolio consists of two institutional-quality facilities constructed in 2018 totaling 155,084 rentable square feet across 1,473 units, including a mix of climate-controlled and drive-up storage, and is professionally managed by Extra Space Storage.

The Portfolio is currently 92.9% physically occupied and 88.4% economically occupied, generating trailing twelve-month NOI of approximately $2.70 million with a projected Year 1 NOI of $3.26 million. Both assets have demonstrated strong operating performance and offer meaningful mark-to-market opportunity, with in-place rental rates slightly below market rents, allowing investors to drive revenue growth through ECRIs and continued lease-up of economic occupancy.

Located within dense, high-income trade areas benefiting from significant barriers to new development, the Portfolio is supported by strong self-storage fundamentals, including limited supply, favorable demographics, and sustained demand drivers. Additionally, the Carteret property benefits from a long-term PILOT tax abatement program that provides tax certainty and enhances cash flow stability. Overall, the Offering represents a rare opportunity to acquire a portfolio of Class A self-storage assets with strong in-place cash flow, operational upside, and attractive long-term growth prospects in one of the nation's most desirable storage markets.

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Caractéristiques de l'actif

Rentabale Square Feet

155,084

Occupation

92,9 %

Nombre d'unités

1 473

Economic Occupancy

88.4

United Hampshire 2-Pack (2 actifs)

Média

Points clés d'investissement

STRONG IN-PLACE OCCUPANCY WITH MARK-TO-MARKET RENT UPSIDE

Both facilities have demonstrated exceptional lease-up performance and have consistently maintained physical occupancy at or above 90% for several years, reflecting strong management and a proven operating track record. In addition, both properties offer meaningful upside potential, with current in-place rents of $2.48 and $2.26 per square foot compared to market rents of $2.55 and $2.40 per square foot, respectively. This combination of strong occupancy and below-market rents positions the assets to benefit from continued revenue growth through future rent increases while maintaining stable operations.

EXCEPTIONAL SURROUNDING DEMOGRAPHICS AND HIGH BARRIER TO ENTRY MARKET

The properties benefit from exceptionally strong surrounding demographics that support their long-term appeal and operating performance. Both assets are located in markets with populations exceeding 91,000 residents and average household incomes of more than $125,000, providing a deep and affluent customer base. Furthermore, the markets remain relatively undersupplied, with current self-storage penetration of just 9.1 and 5.9 square feet per capita, respectively, helping to support sustained demand and future growth potential.

PROFESSIONAL MANAGEMENT

The properties also benefit from the institutional-quality management of Extra Space Storage, one of the nation’s premier self-storage operators. With a proven track record of maximizing asset performance through sophisticated revenue management strategies, industry-leading operational practices, and strong customer retention initiatives, Extra Space is well positioned to drive continued success at both facilities. Their expertise in rental rate optimization and expense control further enhances the properties’ ability to maintain strong occupancy levels while capturing future revenue growth.