By Kate Snyder
Near the edge of the California-Oregon border in Crescent City, a real estate equity firm acquired four self-storage properties, showing that investors continue to be attracted to those types of assets. The company, Turnbull Equity, purchased the four-property portfolio for $15 million, or approximately $101 per square foot. The seller of the properties was Oak Creek Enterprises, a commercial real estate investment firm based in San Diego, Calif., according to a statement from the company.
Brandon Robinson, senior director of National Investments at Calvary Realty, worked on the deal on behalf of the seller.
The four properties included D&B Storage at 1065 McNamara Road, A&B Storage at 176 Elk Valley Road, Elk Creek Storage at 1565 S. Railroad Ave. and Northcrest Storage at 1880 Northcrest Drive. All four are outdoor, drive-up facilities and have been renamed by Turnbull as part of the firm’s Storwell brand. In total, the portfolio consists of 961 units, 148,267 square feet and 34 boat/RV spaces.
The former A&B Storage, now StorWell – Elk Valley, is a 143-unit property that features temperature-controlled units and controlled gate access, according to the firm’s website. StorWell – McNamara, previously known as D&B Storage, comprises 495 units and offers amenities such as a professional call center, video surveillance and online payments. The 107-unit StorWell – Northcrest, formerly Northcrest Storage, has heated interior units and exterior drive-up units. Finally, the former Elk Creek Storage, now known as StorWell – Railroad, has 216 brand new units as well as a well-lit facility and fully-paved driveways.
Turnbull Equity is a vertically integrated value-add real estate private equity company focused on self storage, according to the company’s website. Turnbull invests in under-managed self-storage assets and applies a technology-first approach as part of its strategy to increase revenues and optimize expenses to grow the asset’s value. The firm’s founders, Ryan Brown and Colby Nelson, have backgrounds in operating multifamily assets and have “applied their years of experience to operating self-storage properties efficiently and profitably,” the website states.
Recently, the company has been targeting expansion along the west coast and already owned a facility in Crescent City prior to the portfolio acquisition, according to information released by the firm.
