Los Angeles, Calif., January 20, 2022 – Gelt, Inc. is pleased to announce it has acquired an 85,830-square-foot (sf), 703-unit self-storage facility located at 5891 S. Youngfield Court in Littleton, CO for $18.6 million.
Built in two phases in 2013 and 2016 and situated 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 key pad digital entry. Unit sizes range from 12 square feet (sf) to 300 sf and average 122 sf.
“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 (KK), 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.”
“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.”
Gelt continues to seek self-storage facilities in key markets throughout the nation. The firm now owns 11 assets totaling 5,800 units nationwide. Self-storage has proven to be recession-resistant as evidenced during the Great Recession when it out-performed most other asset classes and more recently during the pandemic when it had a record year. Storage as an asset class has attracted some of the world’s largest real estate private equity firms due to its stable and consistent performance during and after recessions.
Adam Schlosser and Chico LeClaire of Marcus & Millichap represented the seller, a Denver-based private investment group. Gelt was self-represented.
