Self Storage: Virtus buys two Memphis self-storage centers

via Memphis Business Journal

Virtus Real Estate has added to its Memphis portfolio, acquiring two more self-storage centers in the area for an undisclosed amount.

The Austin-based real estate private equity firm bought Collierville Mini Storage, a 347-unit facility with 49,300 square feet of rentable square footage.

Located at 314 South Mt. Pleasant Road, the self-storage units were about 90 percent occupied at acquisition.

Virtus also acquired Winchester Pointe Mini Storage at 6714 Winchester Pointe Cove. It has 500 units and 59,870 square feet of rentable square footage.

“With the committed focus on investing in asset types whose demand is driven by measurable demographic trends, the time to invest and grow is now,” Terrell Gates, chief executive officer and founder, said. “We are hyper-focused on minimizing the impact of fluctuations in the market place.”

Virtus, with partner Gulfport, Miss.-based Tellus Development Ltd., last year purchased four self-storage properties in Memphis and Southaven for $7.5 million.

Since 2003, Virtus Real Estate has purchased more than 125 properties worth $1.6 billion throughout the United States. It focuses exclusively on asset types it considers to be resilient to economic and capital market forces such as self-storage, student housing, senior housing and medical office.

Read more: Virtus buys two Memphis self-storage centers | Memphis Business Journal


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