Go Store It Acquires Richmond-Area Asset
- Jul 12, 2018
Go Store It has purchased Clover Hill Self Storage, a 42,000-square-foot facility in Moseley, Va., from The Jenkins Organization, Yardi Matrix data shows. The property marks the company’s third project in the Richmond MSA and the 10th acquisition in 2018. The company has also recently broken ground on two self-storage properties in the Carolinas.
Situated at 16830 Hull Street Road, the storage facility is alongside Freeway 360, approximately 23 miles from downtown Richmond. Additionally, Clover Hill is positioned near several apartment communities, including Sterling Glen, a 300-unit property and Woodlake Village, which comprises 241 units.
According to Yardi Matrix, the property was constructed on 6.5 acres in 1987. The facility encompasses 348 units ranging from 50 to 400 square feet and features boat and RV parking spaces. The buyer plans to expand the property by adding a two-story, fully climate-controlled building totaling 40,000 square feet of storage space.
“This acquisition presents a unique opportunity for Go Store It and gives us more scale in a target Market. There is a big demand for quality storage and the market has high barriers to entry. We look forward to upgrading the facility and getting started on the expansion,” said Neil Dyer, director of acquisitions for Go Store It, in prepared remarks.
Image courtesy of Yardi Matrix