August 8, 2022 by MyChesco
WAYNE, PA — Belrose Storage Group (BSG) a self-storage investment group, announced that it recently sold its Granite City Storage facility in Mount Airy, NC out of its value-add portfolio. The facility consists of 402 units and 53,986 net rentable square feet.
BSG executed its proven value-add strategies to increase the facility’s net operating income from $210,000 to nearly $300,000 in less than 18 months. These strategies included aggressive rate increases after a thorough market supply and demand study, effective marketing and adding a tenant protection plan.
BSG executed its proven value-add strategies to increase the facility’s net operating income from $210,000 to nearly $300,000 in less than 18 months. These strategies included aggressive rate increases after a thorough market supply and demand study, effective marketing and adding a tenant protection plan.
“Our success with Granite City Storage again shows the strength of our strategy, our team and also our commitment to executing above expectations,” says Joe Downs, Chief Executive Officer of Belrose Storage Group. “We were able to sell Granite City at our five-year value projection in less than two years. And it’s not our first time over-performing like this.”
“We did our homework, came up with a great plan and our team executed flawlessly,” stated Tim Kane, Chief Operating Officer. “We love when a plan comes together so well. And we are executing this way across our entire portfolio with every facility performing above plan. We are ready for any economic troubles that may be around the corner.”
“Our Granite City investors that invested $100,000 received over $162,000 back in 18 months. Helping our investors grow their wealth through real estate that provides tax advantages, capital preservation, passive income and value appreciation is what keeps us motivated and hunting for the best investment opportunities out there,” stated Tom Dunkel, Chief Investment Officer. “We are far from the largest player in self storage, but we execute our disciplined investment program with passion and excellence. We take pride in the fact that our investors continue to invest in our projects over and over again, and they bring their friends and family as well. That speaks volumes to our team and we are grateful.”
BSG partnered with Scott Meyers and his team at Kingdom Storage Partners. Jesse Luke, EquiCap Commercial and Michael Morrison, Midcoast Properties advised BSG. Past performance does not necessarily predict future results.
See the story at https://www.mychesco.com/a/news/business/real-estate/belrose-storage-group-sells-granite-city-storage-for-impressive-roi/