BENTONVILLE, AR–Virtus Real Estate Capital has purchased its third self-storage facility in northwest Arkansas. The Austin, TX-based company purchased the 57,750-square-foot Bentonville Storage facility for an undisclosed sum.
"Bentonville Storage will serve as the cornerstone asset in our recent efforts to move into the northwest Arkansas self-storage market. The facility will be a key addition to the two facilities Virtus purchased in March by providing additional climate controlled space and a variety of complimentary unit types,” says Scott Humphreys, acquisitions director for Virtus.
The class A facility, which was built in 2002, contains 400 units. It is 98% occupied.
As Humphrey's told GlobeSt.com earlier in the year, the purchase is part of the company's expansion effort, which is aiming as filling the gaps in the company's portfolio across the middle of the US. Virtus has been focusing its efforts on Texas, Oklahoma, Arkansas and Tennessee.
For this new acquisition, Virtus is partnering with Absolute Storage Management. ASM will oversee a revenue management program, create a greater online presence and direct the operational management of the property.
“We're incredibly thrilled to continue adding to our portfolio of assets with ASM, a proven and trusted best-in-class management service,” Humphreys says.
As GlobeSt.com reported in April, Virtus Real Estate Capital purchased two self-storage facilities in Arkansas from A&A Stor It. The properties include a 57,700-square-foot facility in Bentonville, and a 72,025-square-foot facility in Rogers.
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