Self-Storage Facility Buy Coincides with Market Recovery

Gelt Inc. recently acquired an 85,830-square-foot 703-unit self-storage facility located at 5891 S. Youngfield Ct. in Littleton, CO. The price was undisclosed.

“This institutional-quality acquisition in the affluent Littleton suburb of Denver comes at a time when the local market is starting to experience recovery and a growing customer demand for self-storage product,” said Kartikeya Kejriwal, who leads the storage division for Gelt. “Gelt’s strategy encompasses adding value by improving performance through a careful revenue management program. A green solar installation is also under consideration as an effort to improve operational efficiencies.”

Built in two phases in 2013 and 2016 on 4.02 acres, the six-building class-A property features a mix of drive-up, indoor and climate-controlled units, leasing office, 24-hour video surveillance, and keypad digital entry. Unit sizes range from 12 square feet to 300 square feet and average 122 square feet.

“Denver is a tried-and-tested market for Gelt and represents our second-largest footprint in the country for ownership in self-storage and multifamily property,” said Keith Wasserman, partner with Gelt. “We will look to bring economies of scale by acquiring additional assets in the greater Denver area over the next 12 months.”