Real estate developer Terrapin Englewood CO LLC has acquired a former motel and trailer park in Englewood, Colo., for $850,000 and plans to build a self storage facility on the 1.51-acre property. The asset at 3325 S. Santa Fe Drive includes multiple “older-frame” motel buildings and a nine-pad trailer park, according to the source.
The self storage facility will serve an area that features recently developed apartments to the north. It was sold by JEV LLC and John A. Veno.
Terrapin Englewood CO was founded by Anthony Sherman, who is principal of Aspen, Colo.-based Terrapin Investments & Management Corp. Although Terrapin Investments specializes in hospitality ownership and management, Sherman has experience in the self storage industry. He served as general partner of self storage investment company Pegasus Group from 1992 to 1998. While with Pegasus, Sherman acquired and developed self storage facilities across the United States with a combined value of more than $200 million, according to the Terrapin website.