Bill Barnhill, CCIM and Stuart P. LaGroue, Sr. of Omega Properties, Inc., represented Smart Stop Asset Management in the sale of a 2-property portfolio in Montgomery, Alabama. Managed by Extra Space, the properties are located at 6855 Vaughn Rd. and 310 Ray Thorington Rd in eastern Montgomery where the city is experiencing significant growth. The portfolio offered a combined 158,238 square feet of rentable space and 1,555 climate controlled units, with both locations experiencing strong occupancies in a robust storage market.
The property sold on July 25, 2017 for $21,755,000 and Argus was able to source a pool of buyers that included all the major self storage REITS and equity firms, delivering offers up to 99% of the asking price. Ultimately the property sold to Metro Storage, LLC.
Bill and Stuart are the Argus Self Storage Sales Network broker affiliates for Alabama, Mississippi, Louisiana and the Florida Panhandle. They can be reached at 251-432-1287. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self-storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self storage and income property investments. Now the largest self storage brokerage network in the United States, the ASSSN has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit Argus-SelfStorage.com.