$58,500,000 | 302,400 SF | Simply Storage Virginia Portfolio

Simply Storage CA + More Information

Colliers is pleased to offer qualified investors the opportunity to acquire the Simply Storage VA Portfolio, a four‑property self‑storage portfolio totaling approximately 302,400 rentable square feet across 2,883 units, strategically located across Fredericksburg, Richmond, and Virginia Beach, Virginia. The portfolio provides immediate scale within three of the state’s most established and demographically attractive markets through a single transaction and is characterized by durable in‑place cash flow, a balanced unit mix, and clearly defined paths to NOI growth. The assets are well positioned to benefit from favorable long‑term supply‑demand dynamics and strong institutional liquidity across these markets.

The portfolio’s geographic diversification across Northern Virginia, Central Virginia, and Coastal Virginia enhances its investment appeal. Fredericksburg benefits from its location along the Washington, D.C.–Richmond growth corridor, supported by commuter‑driven population growth and limited availability of entitled self‑storage sites. Richmond, the state capital, is anchored by a diversified employment base including government, healthcare, education, and finance, supporting consistent storage demand across economic cycles.  Virginia Beach, the largest city in the Commonwealth, offers a dense residential base, military presence, and limited infill development opportunities, all of which support favorable long‑term supply‑demand dynamics for self‑storage assets. Collectively, these markets provide defensive fundamentals, liquidity, and institutional depth.

Operationally, the portfolio comprises approximately 55% climate‑controlled and 42% non‑climate units, supplemented by ancillary income streams including surface parking and mailboxes. Current operations reflect approximately 85.6% physical occupancy and 83.4% economic occupancy, indicating stabilized performance with remaining opportunity for revenue optimization and lease‑up. The assets are well maintained and feature institutional‑quality amenities, including access control systems with barrier gates, full perimeter fencing, significant security camera coverage, wide drive aisles, abundant landscaping and outdoor lighting, and on‑site management offices with resident manager quarters, enhancing the  tenant experience and competitive positioning within their respective submarkets.

The Simply Storage VA Portfolio is currently generating approximately $2.25 million of in‑place NOI with an expense ratio of approximately 45.9%, which is expected to improve materially through enhanced revenue management, expansion of tenant insurance and fee income, and normalization of operating costs. NOI is projected to stabilize at approximately $3.95 million, equating to a stabilized expense ratio of approximately 31.9%, consistent with institutional self‑storage benchmarks. Additionally, the Fredericksburg location offers future expansion potential, providing additional upside beyond the stabilized underwriting. The portfolio is offered at an asking price of $58.5 million, or approximately $193 per rentable square foot, translating to a projected stabilized cap rate of approximately 6.75% and a 7‑year leveraged IRR of approximately 20.8%, positioning the investment attractively within the institutional core‑plus to value‑add spectrum.