The CubeSmart Self Storage of Nashville (managed) Portfolio is comprised of 5 Class-A facilities that consist of 3,203 climate-controlled units and over 341,202 nrsf of storage as well as 13,445 nrsf of ground floor retail. The five locations, Franklin, Nashville, Hendersonville, Gateway and The Avenue, provide a dominant footprint in one of the most sought after MSAs in the United States. Each location was constructed within the last 3 years and immediately became the dominant asset within each respective trade area. The portfolio currently boasts a blended physical occupancy of 92.2%, positioning each of the assets for significant rental rate growth during this year’s prime leasing season.
Demographic data from the Census has struggled to accurately reflect the rapid population growth taking place in the Nashville MSA. According to the Nashville Chamber of Commerce, there are an average of 100 individuals moving to Nashville each day. Each facility is located within a growing affluent sub-market of Nashville, and is surrounded by high wage earners. The portfolio averages a population density within a 5-mile radius of 140,204 individuals, with forecasted population growth within the 1-mile radius of 3.12% annually. The average household income within a 5-mile radius exceeds $104k.
This offering provides a buyer with the extremely rare opportunity to acquire a physically stabilized portfolio of institutional quality assets located within a Top 10 MSA. All five locations are strategically located within a 35-mile drive from each other, allowing for ease of management and providing the opportunity to implement a growth model to increase the current lease-up rents to market at each of the locations. The high barriers to entry as well as the superior locations and visibility along major thoroughfares will ensure these are the premier storage facilities in Nashville for years to come.
- Property sold on July 8. 2022.