RPC ACQUIRES 18 PROPERTY STORAGE PORTFOLIO
Apr 7, 2015 | Press Release
Rosewood Property Company acquires 18-property self-storage portfolio
Acquisition of storage properties in 5 states increases footprint.
DALLAS – April 7, 2015 – Rosewood Property Company (RPC), a Dallas-based real estate firm, has completed the acquisition of an 18-property self-storage portfolio with assets located across five states. With the addition of this portfolio to its existing locations, RPC joins some of the largest owners of storage properties in the country. The purchase price was not disclosed
"We identified self-storage as a core asset when our business plan was developed," said Bill Flaherty, president of Rosewood Property. "We have aggressively built our portfolio and intend to continue to grow it through acquisition and development."
RPC also recently announced a new $75 million program with its Dallas-based partner, Cornerstone, to develop multi-story and drive up self-storage facilities in infill locations in core metro markets including Dallas/Fort Worth, Austin, San Antonio, Houston, Denver and Kansas City.
The newly-acquired properties are located in Pennsylvania, Maryland, New Jersey, Indiana and Kentucky. RPC's existing self-storage holdings are located in Oklahoma City, Denver, Colorado Springs, Arlington, TX and Houston.
The 18-property portfolio will be managed by Extra Space Storage (Extra Space). Extra Space, a public REIT based in Salt Lake City is consistently ranked as the top third-party management firm in the industry and was recognized by industry professionals with that honor in 2012, 2013 and 2014 as reported by Inside Self Storage. Extra Space currently manages properties for Rosewood in Denver and Colorado Springs.
Debt financing was arranged through the team at Talonvest Capital, Inc. of Irvine, CA. The seller was represented by Greg Wells of Cushman & Wakefield Self Storage Industry Group, and Rosewood was represented through its in-house subsidiary, RPC Realty, Inc.
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate, and is active with investments in new development and the acquisition of multi-family, office, industrial and specialty assets in Dallas/Fort Worth, San Antonio and Houston, TX, as well as in Denver, CO, Portland, OR and Calgary.
About Rosewood Property Company
Rosewood Property Company, based in Dallas, is a wholly owned subsidiary of The Rosewood Corporation. Rosewood Property Company and its affiliates have an extensive portfolio, including investments in land, office, industrial, retail, and multifamily assets, as well as investments in the equity securities of public and private real estate investment companies. For more information visit: www.rosewoodproperty.com