Tuesday, September 17, 2013

MVP REIT Forms Partnership to Acquire 5-Acre Storage Facility in Boulder City, NV


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


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