Rosewood Property Co. Acquires 16 Self-Storage Assets
The company has purchased the facilities, which span 1.3 million net rentable square feet, from Extra Space Storage.
DALLAS, TX – Rosewood Property Co. has acquired a self-storage facility portfolio from Extra Space Storage. The 16-facility portfolio spans 1.3 million net rentable square feet of space across 12 states.
The acquisition expands Rosewood Property Co.’s presence in new and existing markets, and it represents the firm’s largest self-storage transaction.
The portfolio, which totals roughly 12,000 units, is mainly comprised of traditional storage offerings, but also includes various high-quality offerings, such as climate-controlled interiors, drive-up capabilities and covered outdoor parking for recreation vehicles and boats.
Extra Space Storage will serve as the property manager for a majority of the acquired facilities.
The acquired self-storage facilities are located in Auburn, AL, Groton, CT, Miami, FL, Tallahassee, FL, Augusta, GA, Greenwood, IN, Louisville, KT, Biloxi, MS, Grandview, MO, Albuquerque, NM, Kent, OH, North Charleston, SC, Houston, TX, Kemah, TX and Fort Worth, TX.
“Rosewood is constantly on the hunt for the right opportunities to expand its national self-storage portfolio,” says Rick Perdue, president of Rosewood Property Co. “This acquisition strengthens our presence in existing markets throughout Texas and the Midwest, while diversifying our presence into new markets across the Southeast. This is the largest acquisition in Rosewood’s history, and we plan to continue the momentum into 2022.”
“This is an exciting time for Rosewood Property Co. as we take the self-storage portfolio to the next level,” says Matt Janes, director of self-storage for Rosewood Property and Texas Self-Storage Association board member. “The industry moves quickly, and we are able to remain nimble and move on opportunities in our target markets. We look forward to making even more acquisition announcements in early 2022.”
With this recent acquisition, Rosewood Property Co. now owns 73 operating self-storage projects, totaling more than 5.8 million square feet and 44,500 storage units, across 21 states.
For the transaction, Extra Space Storage was represented by a Newmark Group Inc. team led by Aaron Swerdlin, Kenneth Cox and Taucha Hogue. In procuring the financing, Rosewood Property Co. was represented by Talonvest Capital Inc.’s Jim Davies, Erich Pryor and Tom Sherlock.