"Investor interest for self-storage is just boiling," says Kent Greenwald, vice president of investments for Coldwell Banker Commercial Metro LLC, who brokered the deal. "This asset was on the market a grand total of eight hours."
Greenwald tells GlobeSt.com investors are so hungry for properties that they will pay more than market value for properties that are not yet stabilized. "This property was just 56% occupied at closing and traded for a cap rate under 8%."
The buyer developed and owns another self-storage asset in Phoenix and had been looking to expand in the area, Greenwald says. The submarket where Affordable Self Storage is located is experiencing rapid growth. "The in migration and robust residential market lends itself to self storage."
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