Storage Star Acquires Three Property Self Storage Portfolio In Augusta Georgia For $256.685M

The transaction involved a three-property self-storage portfolio totaling 256,685 square feet across multiple locations, specifically 159 Cooper Drive, 1573 Hamilton Drive, and 522 Cork Tree Bend within the Augusta, Georgia, Aiken, South Carolina, and North Augusta, South Carolina markets. The properties consist of 2,456 units and were constructed between 2020 and 2022, achieving an occupancy rate of 85% at the time of sale.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: Not disclosed
• Address: 159 Cooper Drive; 1573 Hamilton Drive; 522 Cork Tree Bend
• Market: Augusta, GA; Aiken, SC; North Augusta, SC
• Square Footage: 256,685
• Units: 2,456
• Buyer: Matt Garibaldi - Storage Star
• Seller: Jeff Krasnoff - Rialto Capital
• Broker: Matthew Wheeler - JLL

JLL Capital Markets facilitated the transaction, representing the seller, Rialto Capital Management. The portfolio comprises Class A assets, reflecting quality development within its market areas, and highlights the strategic acquisition by Storage Star under the guidance of Matt Garibaldi.