Life Storage (Managed)

90,752 NRSF | 578 Units | Rockwall, TX

INVESTMENT OVERVIEW

The facility provided herein is a 3rd party managed Life Storage located in the growing sub-market Rockwall, TX. The property is a newly constructed, Class-A facility which consists of both traditional drive-up non climate-controlled units, and interior first-floor climate-controlled units. The property was constructed in two phases. Phase I finished construction and opened in March of 2021 which consisted of 45,000 NRSF. Phase II is fully constructed and is now waiting for official C/O from the city and some finishing touches on the climate-controlled buildings. In total, the finished product consists of 578 units and 90,752 NRSF.

The demand for storage in Rockwall is strong considering the very fast lease up of the first phase which is currently 90%~ physically occupied and includes one of the buildings from the second phase as well. Tenants
can feel that their belongings are safe and secure with state-of-the-art surveillance along with onsite management.

The facility fully leased up the initial phase and has achieved $17.38 rents which is well below the overall market. Additionally, the property has realized strong secondary streams of income including late fees, admin
fees, tenant insurance, and merchandise sales. New ownership will have the opportunity to continue the lease-up trend while capitalizing on these income streams.

At an initial glance the area is oversupplied, but there are different empty spaces in the 1-,3-, and 5-mile radius which is uninhabitable and unbuildable such as the large wetland area to the north and the lake to the west.
All in all, the facility offers new ownership a premium asset in a growing submarket in the booming Dallas-Fort Worth metro. Upside potential includes lease up of phase II, continued rate management, and owning
the premium asset in the Rockwall community.

Facility Summary

Property Name Life Storage (Managed) – Rockwall, TX
Address: 231 Ranch Trail, Rockwall, TX 75032
County: Rockwall
Total NRSF: 90,057
Total Units: 578
Drive-Up Units: 294
Climate Units: 281
Office Units: 3
Unit Sizes: 25-660
Physical Occupancy: 48%
Economic Occupancy: 51%
Buildings: 12

 

 

Investment Highlights

  • 90,752 NRSF | 578 Units
  • Considerable upside through rate management and lease-up of Phase II
  • Strong economic outlook in the immediate trade area
  • Phase I: 50,055 NRSF
    Phase II: 40,002 NRSF
    Total: 90,057 NRSF
  • Strong Demographics in Trade Area

 

Get More Information

To access the Offering Memorandum and Dropbox, please . Don’t have an account already? Register today.

*Email verification is required.