This self-storage property in Marlborough, NH, featured 36 total units, approximately 100% physical occupancy, and was priced at $71 per net rentable square feet. The seller wanted to maximize the value they had built up in the facility over their past few years of ownership. Throughout the deal process, the Federal Reserve hiked interest rates multiple times, and transaction volume was down about 40% year-over-year for self-storage. Additionally, due to state regulations, the agents navigated a transfer of title and escrow companies midway through the closing period.
Through excellent lines of communication between both buyer and seller, the agents were able to overcome their challenges. Using the Matthews™ internal database, the agents were able to source a buyer who they had a previously established relationship with. This resulted in confidence from the LOI to closing that the buyer would perform and see the deal through.
Overall, this transaction was a win for both buyer and seller. The agents were able to clearly show buyers the value that had been added through several years of attentive ownership and improvements to the facility. This resulted in an exit position where the agents were able to source over a dozen offers for their client and ultimately achieved over 95% of their agreed-upon target price. The buyer, an individual out of the Northeast, plans to continue growing their existing self-storage portfolio. This was a great next-step facility to gain market share in the hard-to-penetrate New Hampshire self-storage market.
Client Testimonial: “Our experience with Matthews™ was nothing short of efficient, effective, and courteous. Their marketing materials elevated our asset to a new class of investor and made closing by end of summer possible. Our agent Milton stuck by us from listing to closing, always paid strict attention to detail, and tirelessly advocated for our position.”
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