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6331 North Broadway, Chicag...

Life Storage Inc. Acquires Self Storage Portfolio In Chicago, Plano, Little Elm, Garland, Flower Mound TX, Durham, Raleigh & Spring Lake NC
SOLD

Life Storage Inc. Acquires Self Storage Portfolio In Chicago, Plano, Little Elm, Garland, Flower Mound TX, Durham, Raleigh & Spring Lake NC

6331 North Broadway, Chicago, Illinois 60660, United States

Building Size

Asset Type

Closing

Apr 24, 2022

AI

Life Storage Inc. has acquired a portfolio of self-storage properties from Harrison Street for an undisclosed amount. The portfolio includes a total of 4,317 units located in various cities across the United States.

Summary of transaction details

The acquisition was facilitated by JLL Capital Markets, with a team of brokers led by Steve Mellon, Brian Somoza, Adam Roossien, Matthew Wheeler, Robert Westerfield, Steven Rutman, Dan Reynolds, and Ryan Clutter. This transaction further strengthens Life Storage Inc.'s presence in the self-storage market.

Players

Steven Rutman

JLL

Broker

$8.8B

vol

66 deals

Broker
LI
Life Storage Inc.Buyer

Harrison Street

Seller

$604.1M

vol

11 deals

Seller

Chicago CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93