Delta Boat Storage
- 371-unit RV and Boat Storage facility covering over 150,000 square feet of area.
- The premier storage facility in the area with access to boat launch and fast water
- Site contains a manager's apartment
- Additional revenue realized by a cell tower on the property
- SVN utilized its aggressive and thorough marketing strategy which exposed this deal to thousands of Brokers and Principals which resulted in a multiple offers
- SVN was able to communicate effectively with all parties on the sell side to ensure that all parties were satisfied with the deal
- SVN was able to navigate a successful closing of a unique asset during incredibly uncertain market conditions
- Buyer was the owner of numerous self-storage facilities in California, this acquisition was their first RV and Boat Storage Facility
- SVN assisted the sellers with increasing the monthly rental rates while on market to which increased the NOI and sale price
- Deal was successfully closed in July 2020 which occurred during the early stages of COVID 19 lockdowns
- The Initial lender backed out of the deal around ten days before closing. SVN referred a new Lender to the Buyers which resulted in an on-time closing.
- Sold for 97% of the asking price at a below market cap rate
- SVN worked with a selling party of six individual partial owners of the property