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COLUMBUS, OH-Incorporated Investments Inc., based in Dayton, OH, has sold the seven-property Storage Inns of America portfolio to an unnamed Mishawaka, IN-based investment group for $18.8 million. The properties, totaling more than 3,500 units in about 418,020 sf, are in Columbus and the surrounding suburbs.

The sale had a cap rate of 5.16%, according to a Marcus & Millichap report. According to the seller’s Web site, in just an eight-year period, occupancy levels at the properties have increased 10.1% to a 88.5%. Based on recent REIT estimates, rate increases are at a very comfortable 5% per year, said the seller, with minimal tenant turnover costs and little ongoing capital expenditures.

Michael Mele, a VP of investments in the Tampa office of Marcus & Millichap, and Adam Schlosser and Brett Hatcher, investment specialists in the firm’s Columbus office, represented the seller. Sean Delaney and Jesse Luke with Marcus & Millichap’s Oak Brook, IL office, represented the buyer. “By adding this portfolio to its existing holdings, the new owner has obtained a large percentage of the Columbus self-storage market, Schlosser said in a statement. A Marcus & Millichap official did not return a request for comment.

Each of the single-story, self-storage properties are similar, with standard drive-up, interior climate control, steel or brick exterior, metal framing, steel roof and concrete slab. The portfolio includes facilities in Columbus including the 608-unit property at 1330 Georgesville Rd, a 520-unit facility at 5199 Westerville Rd., a 460-unit property at 5301 E. Tamarack Circle, and a 426-unit facility at 580 E. Dublin-Granville Rd. in Worthington, OH.

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