Denver-based VanWest Partners has added five Michigan properties to its newest fund, VanWest Self Storage Fund II, LLC. Year to date, the company has acquired seven self-storage facilities representing just under $30 million in total capitalization.
The Michigan portfolio includes two self-storage facilities in the greater Detroit market and three facilities in the Grand Rapids market. The portfolio totals just over 265,000 net rentable square feet and 1,628 units including 232 boat and RV parking spaces.
VanWest plans to rebrand the five facilities under its ClearHome Self Storage management platform. With the addition of the Michigan portfolio, VanWest now owns and operates self-storage facilities in eight states and 12 metro areas nationwide.
“The geographic concentration of the portfolio complements our other Midwest markets nicely and positions Fund II to further benefit from the economies of scale that a large, diverse portfolio offers,” said Jacob Vanderslice, managing partner of VanWest.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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