FAIRHOPE, Ala., Jan. 28, 2022 /PRNewswire/ -- Stoic Equity Partners added 74,325 net rentable square feet to their Fairhope Self Storage portfolio. Stoic currently owns 33,395 net rentable square feet in the market and will manage the two assets together. "By managing the two properties together we are able to lower our operating expenses and offer more diversified unit types for the customers," said Grant Reaves, principal of Stoic Equity Partners. "The Inland property offers climate controlled, non-climate, and enclosed Boat & RV, while our existing facility is 100% climate controlled."
Both Fairhope facilities will be third-party managed by StoreEase out of Birmingham, AL. StoreEase provides a revolutionary solution to many of the problems in the self storage industry. The property will be Virtually Managed using their proprietary virtual management technology which allows customers to interact with a live manager via a Kiosk which provides a superior customer experience even though the facility is unmanned. The new facility will utilize StoreEase's new Virtual Drive-Up kiosk for management. All doors and locks will be controlled by the Noké One smart access control using Bluetooth technology providing superior security and convenience
Stoic was able to close on the acquisition within 55 days of contract and utilized CMBS debt to finance the purchase. Richard Alexander of Grandbridge Real Estate Capital placed the debt for the transaction. "We committed to the seller to close before year-end, and we would not be able to make that happen without the full cooperation of our lender, Sabal Capital Partners," said Jeremy Friedman, principal of Stoic Equity Partners. "They were able to close a complicated transaction in our agreed upon timeframe."
Stoic co-sponsored this investment with partner 68 Ventures, LLC by forming a private equity investment group to acquire, convert, and operate the property. 68 Ventures is a vertically integrated development, construction, real estate, and related services group of companies that generated over $5.2B in transaction volume over the last decade. Stoic is currently in pre-development on other ground-up storage developments as well as identifying and underwriting the acquisition of existing self-storage facilities throughout the northern gulf coast.
About Stoic Equity Partners:
Stoic Equity Partners was founded by Grant Reaves and Jeremy Friedman to pursue value add and opportunistic commercial real estate acquisitions/developments throughout the Southeast.
Stoic's investors are true Partners in its ventures. By offering Partners unparalleled transparency through technology, Stoic is able to show how their wealth is working through their real estate investments.
Stoic Equity Partners, LLC
Attn: Media Relations
2210 Main Street, Ste H
Daphne, AL 36526
For complete information, visit: www.stoicep.com
SOURCE Stoic Equity Partners
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