LCI Development Partners Creates Self-Storage Joint Venture
LCI Development Partners has formed a joint venture with Impact Self Storage to acquire Storage Perfecto in Brownsville, Texas. The existing 416-unit property was acquired at a substantial discount to replacement value prior to completion of lease-up. Impact will implement a value-add strategy immediately by optimizing operations and expects to reach stabilized occupancy this spring. The acquisition comes with nearly four acres of excess land, which will allow the partnership to double the size of the existing facility to 832 units. The completed development will fulfill unmet demand in the market and position the asset for an institutional exit.
“LCI has identified the self-storage industry as one of great opportunity,” said Managing Partner of LCI Development Partners Chad Broderick. “Ownership remains relatively non-institutional, and the risk-return profile is very attractive. Impact is a great partner to help execute on this strategy. In addition to their deep sector knowledge, they have the qualities of an LCI joint venture partner: product specialists, national reach, and ambitious growth plans.”
“Impact Self Storage looks forward to providing the community of Brownsville, Texas with convenient and safe storage for their beloved belongings,” said Impact Self Storage Chief Operating Officer Fernando Angelucci. “By partnering with a premier development firm like LCI Development Partners, Impact will bring industry-leading design and service to a new market. We are thrilled to be a part of continued growth and improvement of Brownsville, Texas. We strive to make a positive impact on every community we service with our self-storage facilities.”