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Optivest Pays $27M Plus for 2,663-Unit Package

DALLAS-Optivest Properties buys a five-property self-storage portfolio in North Texas. The value-add play is backed by a $21-million loan with partial collateral releases.

By Connie Gore | Updated on April 30, 2008

[IMGCAP(1)]DALLAS-Optivest Properties has acquired a 2,663-unit self-storage portfolio in five suburbs in North Texas, making the close with a $21-million loan from GE Real Estate. The 80% loan-to-value financing has a three-year term with interest-only payments at a fixed rate and set lock for two one-year extension options.

The Dana Point, CA-based Optivest has more than doubled its Texas footprint with the $27.4-million acquisition from Freedom Asset Management LLC of Dallas. The just-bought properties are class A and class B Friendly-branded locations at 610 E. Main St. in Allen; West FM 544 in Murphy; 394 E. US Hwy. 80 in Forney; 3800 W. US Hwy. 80 in Terrell; and 4660 Texas 360 in Grand Prairie.

The portfolio, developed between 1997 and 2007, was 66% occupied at sale time, according to David A. Cohen, Northeast regional director for GE’s North America Lending Division office in New York City. He says the respective markets are averaging 85% occupancies.

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