Rosewood Property Co. (RPC), a Dallas-based real estate firm, has acquired an 18-property self-storage portfolio with assets in Indiana, Kentucky, Maryland, New Jersey and Pennsylvania. The properties, which comprise more than 1 million rentable square feet of storage space, will be managed by Extra Space Storage Inc., a self-storage real estate investment trust that already manages RPC properties in Colorado Springs, Colo., and Denver.
Debt financing for the acquisition was arranged by Talonvest Capital Inc., an Irvine, Calif.-based boutique real estate adviser. The non-recourse acquisition loan, structured with 10 years of interest-only payments, has a sub-4 percent fixed interest rate and release provisions for individual properties. It was funded by a United States money-center bank. Talonvest Principals Tom Sherlock and Jim Davies as well as Kim Leslie, relationship manager, negotiated the financing. Laura Bogart, who handles due diligence for Talvonest, orchestrated the closing.
The seller was represented by Greg Wells of Cushman & Wakefield Self Storage Industry Group, which provides investment sales, valuation, research and analysis, demand forecasting, and feasibility to the self-storage industry. RPC was represented through its in-house subsidiary, RPC Realty Inc.
RPC also recently announced a new $75 million program with its Dallas-based partner, Cornerstone, to develop multi-story and drive-up self-storage facilities in infill locations in core metro markets including Austin and Dallas/Fort Worth, Texas, Denver, Houston and San Antonio. RPC’s existing self-storage holdings are Denver, Colorado Springs, Colo., Houston and Oklahoma City.
“We have aggressively built our portfolio and intend to continue to grow it through acquisition and development,” said Bill Flaherty, RPC president.
RPC is a subsidiary of The Rosewood Corp., a private-investment concern owned by the Caroline Hunt Trust Estate. The company is actively seeking acquisitions of industrial, multi-family, office and specialty assets in Colorado, Oregon, Texas, and Calgary, Albert, Canada.
Founded in 2010 and based in Orange County, Calif., Talonvest structures debt and equity for self-storage and commercial real estate investors and developers nationwide. The principals of the firm have more than 80 years of combined experience.
