Real estate investment platform CrowdStreet just released its latest offering today for Myers Corners Self Storage, a 1,356 unit Class A climate-controlled self-storage facility in Wappingers Falls, New York.
To ensure a quick and successful raise, the sponsor is offering investors a 20% preferred return followed by a 60/40 split of profits in excess, making this a very attractive offer for investors seeking a high internal rate of return (IRR).
Investment Highlights: The property will be managed by CubeSmart (NYSE:CUBE), a national self-storage REIT with a $10.9 billion market capitalization that currently manages over 1,200 other locations.
The sponsor is confident that CubeSmart’s brand, professional management and centralized marketing and leasing platform will help distinguish the property from local “mom-and-pop” competitors.
The high occupancy of the strongest competitors in this market demonstrate a healthy demand for self-storage and the opportunity to see additional revenue through retail sales and premium services.
- Minimum investment: $25,000
- Target investor IRR: 20.1%
- Target equity multiple: 2.5x
- Target investment term: 5 years
View current CrowdStreet offerings
About the Sponsor: The offering is being sponsored by Savanna, a vertically-integrated real estate investment manager with over 30 years of development and redevelopment experience. Additionally, it is contributing approximately $1,035,617 of the total $10 million equity investment, supporting its conviction for the deal.
Photo: Courtesy of CrowdStreet
