Flatirons Asset Management Acquires 33 Self-Storage Properties

Flatirons Asset Management acquired a 33-asset portfolio from Red Dot Storage. These facilities include a total of 9,125 storage units, encompassing more than 1.3 million rentable square feet.

The self-storage properties, located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee, and Wisconsin, will continue to operate under the Red Dot Storage brand. The portfolio was 90% leased as of August 31.

Red Dot Storage provide safe and simple storage solutions to customers spanning more than 190 locations and 19 states with a focus on delivering an exceptional customer experience.

“This is a great opportunity to acquire a carefully curated portfolio of some of the best self-storage assets across the South and Midwest,” said Scott Smith, Flatirons President and CEO. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage. With the shift in consumption of self-storage toward younger generations, the consumer increasingly values the low friction, contactless experience that Red Dot pioneered. We are excited to have acquired this portfolio and to work with an industry leader like Red Dot Storage.”