.jpg) |
| File photo of self-storage unit but not part of the property described below |
Boulder City, NV (Sept. 17, 2013) – MVP REIT Inc., a
publicly registered, non-traded real estate investment trust, announced today
that it has formed a limited liability company with Vestin Realty Mortgage II,
Inc. (“VRMII”) to acquire a 299-unit self-storage facility located
adjacent to Nevada Highway in Boulder City, Nev. The $5.2 million acquisition
closed on September 12, 2013.
 |
| Mike Shustek |
Originally constructed on nearly an acre in 1996, the
facility quickly outgrew its original size, expanding in both 2000 and 2006.
Today the five acre, 23-building facility consists of two separate sites,
totaling approximately 112,000 rentable square feet, including 288 single-story
units with an additional 11 open recreational vehicle spaces. The facility is
currently more than 97 percent occupied.
“We believe self-storage facilities are a particularly
attractive asset class because they can provide income, teamed with relatively
low operating costs, and can provide a hedge against inflation since they rely
on short-term leases,” explained Mike Shustek, chairman and CEO of MVP
REIT. “This facility has exhibited a history of strong growth, enjoys an
excellent location, and operates at essentially full capacity.”
MVP REIT and VRMII will hold a 51 percent and 49 percent
interest, respectively in the limited liability company, which will be jointly
managed by MVP Realty Advisors, LLC and Vestin Mortgage, LLC.
Together, MVP
REIT and VRMII financed $2,700,000 of the purchase with American Family
Insurance Company through a 7-year term loan amortized over 25 years at 4.35
percent APR.
For a complete copy of the company’s news release, please
contact:
Jill Swartz
Spotlight Marketing Communications
(949) 427-5172 ext. 701
No comments:
Post a Comment