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.
|Property Name||Life Storage (Managed) – Rockwall, TX|
|Address:||231 Ranch Trail, Rockwall, TX 75032|