Andover Properties Closes on “Capital Boulevard Storage” | Raleigh, NC
Andover Properties, LLC (dba Storage King USA) has recently acquired Capital Boulevard Storage in Raleigh, NC, marking its fourth acquisition in the Raleigh-Cary MSA and eighth facility in the state.
The multi-story ~88,000 NRSF property, built-in 2017, is comprised of climate-controlled, drive-up, and covered RV units. The facility is well located, with good visibility and easy access from Capital Boulevard, a 56,000 vehicle per day road, in addition to having no competition within one mile. “Raleigh is absolutely exploding, with investments like Apple’s $1B campus in Research Triangle Park which will bring 3,000 high-paying jobs, in addition to several townhome and apartment developments within one mile of this facility. We plan to continue capturing this growth through acquisitions like this,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This facility has experienced very strong occupancy growth over the past twelve months. Given its position in the market and Class-A quality, along with our institutional management, we are confident in our ability to stabilize occupancy and then bring rents up to the market.”
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator, and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development, and management of industrial, retail, and self-storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development, and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since its inception in 2003, Andover Properties, LLC has owned or managed self-storage assets totaling 8.2 million rentable square feet across 62,150 units. Currently, the firm owns and manages 89 self-storage facilities in 16 states totaling over 6.85 million rentable square feet and 50,200 units, in addition to development projects.