Ares Management Acquires Self Storage Facility In Kendall For $20M
$20,000,000
$198/SF
Building Size
100,588 SF
Asset Type
Self Storage
Closing
Dec 29, 2023
AI
A two-story, 100,588-square-foot self-storage facility located at 19301 West Dixie Highway in Kendall, Miami has been sold for $20 million. The property was completed in 2019 and is currently leased to Storage King. The buyers of this self-storage facility are Michael Aroughet and Antony Ressler from Ares Management, a Los Angeles-based company. The sellers are an affiliate of Snapbox Self Storage.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $20,000,000
- Square Footage: 100,588
- Address: 19301 West Dixie Highway
- Market: Kendall, Miami
Ares Management, represented by Michael Aroughet and Antony Ressler, acquired this self-storage facility for $20 million. Snapbox Self Storage, who acquired the property for $18 million in 2021, sold it to Ares Management. Storage King is the current tenant of this facility.
Players
Market Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93