DENVER, May 17, 2024
/PRNewswire/ -- VanWest Partners (VanWest), a Denver-based commercial real estate investment
firm specializing in self storage acquisitions and management,
announces the sale of two assets from the firm's VanWest Storage
Fund II portfolio. After a 30-month hold period, the properties
generated investment returns of a 33.1% IRR and a 1.91X equity
multiple. The sales closed in April.
The sale of these two properties generated
over $5,000,000 in proceeds for
VanWest Storage Fund II
The two properties, located in Minooka and Ringwood, Illinois, were acquired by VanWest
in the fall of 2021. Both properties were rebranded and operated by
VanWest's vertically integrated management arm, ClearHome Self
Storage (ClearHome). During the hold period, ClearHome increased
net operating income more than 67% by growing physical occupancy
and in-place rents.
The sale of these two properties generated over $5,000,000 in proceeds for VanWest Storage Fund
II. "We focus on cash flow and typically underwrite our
acquisitions for longer-term holding periods. However, we decided
to sell earlier than expected by balancing future cash flows
against an attractive return by selling now. It was an easy
decision to monetize the significant value our operations team
created over the past few years," shares Jacob Vanderslice, VanWest co-founder and
Principal. With 11 of the original 14 properties remaining in
VanWest Storage Fund II, the Fund has distributed over $15,200,000 to investors, representing 40% of the
Fund's original equity since its launch in early 2021.
VanWest's asset base consists of 37 value-add self storage
facilities across the country, representing over 3,000,000 NRSF and
over 19,000 self storage and parking units. In aggregate, the
firm's self storage portfolio saw same-store revenue growth of 5.3%
and same-store NOI growth of 10.8% comparing Q1 of 2023 to Q1 of
2024.
VanWest invites accredited investors to participate in the
firm's various investment offerings, including the company's most
recent acquisition in Jacksonville, FL.
About VanWest Partners
VanWest Partners is an opportunistic real estate investment firm
specializing in self-storage acquisitions and management. With
expertise spanning development to value-add assets in primary,
secondary, and tertiary markets, the firm consistently identifies
opportunities to create cash flow and capital appreciation for its
investment partners. Learn more at www.VanWestPartners.com.
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SOURCE VanWest Partners