New Deal Closed: Kietzke Ln Reno NV

We are excited to announce that Frontera West has closed on its 8th self-storage acquisition. ABC Mini Storage embodies all that we love about value-add self-storage. ABC Mini Storage is a 77,000 sf facility located in southeast Reno adjacent to the Reno-Tahoe International Airport.

The property’s in-place rental rates are over 40% below market with a price per foot well below replacement cost. Extra Space Storage will be managing the asset and have expressed confidence they can achieve significant rental growth. Planned capex includes new exterior paint, door replacement, and gate and security upgrades. When this off-market acquisition opportunity came to us, we were quick to tie it down and execute, completing the entire transaction start to finish in under 70 days.

Our close relationships with lenders, brokers, and operators allowed for a quick and smooth transaction. We used the same lender as our recent deal in Stockton and are working with the same regional management team that manages our Extra Space in Dixon, California. Lastly and most importantly, we would like to thank our family and friends for continuing to invest in and believe in us. This deal was oversubscribed quickly during the height of summer travel season, and we are grateful for the continued support.