Merit Hill Capital Acquires Self Storage Facility In Sarasota For $5.2M

The property asset involved in the transaction is a self-storage facility located at 7000 Iris Street in Sarasota, Manatee County. The asset encompasses 3.25 acres and features 130 units. The facility has a total square footage of 47,000 and was sold for $5,200,000, which translates to a price per unit of $40,000 and a price per square foot of $111. The property is currently 93% occupied following recent upgrades.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $5,200,000
• Address: 7000 Iris Street
• Market: Sarasota
• Acres: 3.25
• Units: 130
• Square Footage: 47,000
• Price per Unit: $40,000
• Price per Square Foot: $111
• Buyer: Merit Hill Capital
• Seller: Minnesota-based LLC
• Previous Purchase Price: $2.28 million in 2022
• Occupancy Rate: 93%

An LLC linked to Merit Hill Capital has acquired Stor Self Storage in this transaction. The seller, a Minnesota-based LLC, previously purchased the asset for $2.28 million, indicating a significant appreciation in value following the recent upgrades to the property.