In May 2015, RSF Fund VI, in a joint venture with U.S. Storage (USSC), an operating partner, acquired a 90,600-square foot self-storage project located in Plano, TX. US Storage is a 30-year-old self-storage owner/operator that owns and/or manages 80+ properties across the country totaling over 5.1 million square feet. At closing, the facility was 94% occupied with rents substantially below market.
This project was built in 2002 and had been owned and managed by a small, local operator. Fund VI and USSC’s business plan was to invest capital to make needed repairs and launch a sophisticated electronic marketing platform to increase demand and drive rents to market. After 18 months, the project was 98% leased with rents 25% higher than at acquisition.
3899 Maple Avenue, Suite 250
Dallas, Texas 75219