Virtus Real Estate Capital, a real estate private equity firm, recently acquired the 59,400 square-foot Nichols Hills Self-Storage facility in Oklahoma City, OK. The property was acquired in a strategic joint venture with Advantage Self Storage, a real estate development and property management firm based in McKinney, Texas.
The property was built in 2005 and contains 404 units of climate and non-climate controlled self-storage. The Class A facility is located at 2900 NW Grand Boulevard in the Nichols Hills submarket. Advantage Self Storage will run the on-site operations of this facility, which is their first property in the market.
“We are excited about moving into the Oklahoma City market,” said Rick Jones, president and CEO of Advantage Self Storage. “With Virtus, we are also actively looking for additional acquisition opportunities to build a portfolio in Oklahoma City.”
“With its dynamic growth and diverse economy, Oklahoma City is a target market for Virtus,” said Scott Humphreys, acquisitions manager, Virtus Real Estate Capital. “The infill location of Nichols Hills Self-Storage, in a highly desirable submarket of Oklahoma City, makes this one of the best self-storage properties in the area.”
This property is the first acquisition between Virtus and Advantage. Founded in 1996, Advantage Self Storage has developed over 20 Class A storage facilities in the Dallas and Fort Worth market alone and continues to add to their portfolio through new development and acquisitions. Among the top 100 self-storage operators in the U.S., the company currently owns and manages 10,000 self-storage units containing 1,360,000 rentable square feet.
About Virtus Real Estate Capital
Virtus Real Estate Capital is a private equity real estate investment company based out of Austin, Texas. Founded in 2003, Virtus has acquire over $2 billion of commercial real estate in more than 120 properties across the United States. Virtus investment strategy is to acquire commercial real estate in specific niche property types that serve the highest growth segments of the population in the United States: Self Storage, Student Housing, Medical Office and Senior Living. Virtus is actively seeking out additional opportunities to acquire self storage properties in their target markets. For more information, please visit: https://virtusre.com/]]>