A JV between New York-based Atlas Real Estate Partners and Nashville-based Wedgewood Avenue has closed on the sale of Franklin Storage in Franklin, TN. The partnership developed the 77,600 SF (690 unit) class A facility in 2017 which was 87% occupied at the time of sale.
The $15.75m ($203 PSF) sale price set a high watermark for Franklin self-storage and represents a 3.4% cap rate on trailing 3-month annualized NOI.
“Despite the unprecedented economic conditions caused by the COVID-19 pandemic, we were able to navigate the sales process and were fortunate to have a strong buyer” said Alex Foster, Managing Partner at Atlas.
“This was a great transaction for Atlas/Wedgewood and our investors,” added Beau Fowler Principal at Wedgewood Avenue. “We remain bullish on self-storage as an asset class long-term and Nashville as a market, however, we were presented with an offer that we could not refuse.”
The partnership also owns Life Storage in SoBro, which it developed in 2018 and is currently in lease-up. Atlas/Wedgewood continue to seek value-add opportunities in Nashville and hope to grow their platform in 2020.
