VanWest Partners (VanWest), a Denver-based commercial real estate investment company specializing in self-storage, announces the ninth self-storage acquisition for VanWest Storage Fund III (Fund III). Fund III, which launched in April 2022, now represents over $67 million in total capitalization, including over 4,300 units and approximately 671,000 net rentable square feet.
The recent acquisition is in Green Bay, Wisconsin, and the firm’s seventh facility in the Wisconsin market. The facility consists of 823 units and 150,852 net rentable square feet. VanWest aims to improve the operational performance of the facility by reducing operating expenses and increasing rents, which are currently substantially under market rates. The facility will be operated by VanWest’s in-house management company, ClearHome Self Storage, and re-branded to ClearHome Self Storage–Green Bay.
“We’ve been looking for a deal in Green Bay for years, and we’re excited about the fundamentals the market offers,” said Jacob Vanderslice, a principal at VanWest Partners. “The town has historically been overlooked by larger self-storage operators, and recent REIT activity tells a great story for continued consolidation of deals that are owned by smaller operators.”
Fund III is a $150 million fund that invites accredited investors to participate in the acquisition of value-add self-storage properties throughout the U.S. VanWest anticipates a two- to three-year deployment period for Fund III. Vanderslice added that the firm expects to see more acquisition opportunities along with an increasingly volatile investing landscape.
