Ares Management Acquires Self Storage Properties In Rockville MD From Washington Property Company For $34.4M

Ares Management has acquired two self-storage properties located at 4 & 44 Research Place in Rockville, MD. The acquisition was completed for $34.4 million, translating to approximately $270.87 per square foot. The total square footage for the properties is 127,000 across 1,400 units, with a price per unit of $24,571. The properties are currently 93% leased, and Ares Management plans to operate them under the SecureSpace Self Storage platform with minor renovations and AI-enabled security upgrades.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $34,400,000
• Address: 4 & 44 Research Place
• Market: Rockville, MD
• Square Footage: 127,000
• Price Per Square Foot: $271
• Units: 1,400
• Price Per Unit: $24,571
• Buyer: Ares Management
• Seller: Washington Property Company
• Broker: JLL Capital Markets

This transaction involved Ares Management acquiring the self-storage properties from Washington Property Company, which was facilitated by JLL Capital Markets. The deal highlights strategic growth for Ares Management within the self-storage market, incorporating future upgrades to enhance operational efficiency and security.