Tarzana-based real estate developer Gelt Inc. has invested $41 million to buy eight self-storage facilities in Memphis, Tenn., the company announced Thursday.
Gelt did not specify addresses of the facilities, but said five are in Memphis proper; two are in Olive Branch, Miss.; and one is in Nesbit, Miss. All eight sites are located within 40 minutes of each other.
Together, they have 3,867 rental storage units with nearly 500,000 square feet. The units were 91 percent occupied at the time of the sale. Of the units, 3,482 are indoor spaces while 385 are outdoor RV and parking spaces.
“We plan to hold this property for five to seven years with the goal of creating a favorable return for our investors,” said Gelt Co-Founder/Partner Keith Wasserman in a statement.
Wasserman added that his company will invest in cosmetic upgrades at the sites and that Citizen Storage, a seasoned property management company with more than 80 assets, will streamline and oversee day-to-day operations at the facilities.