UpLift Development Group secured $71.5 million in financing and joint venture equity for a nine-property self-storage portfolio in Clear Creek and Grand Counties, Colo.
JLL placed the $52.5 million first mortgage and arranged the remaining preferred equity with a strategic capital partner. Total proceeds were used in conjunction with sponsor equity to acquire the portfolio in an off-market transaction.
The portfolio totals 3,017 units with 493,801 rentable square feet and an overall occupancy of 72 percent. The properties range in vintage from 1994 to 2023, providing significant value-add opportunities with basic institutional upgrades.
Positioned west of the Colorado Front Range, all the properties are located along Interstate 70 and U.S. Route 40 corridors west of Denver. The acquisition enabled the buyer to capture 100 percent of the self-storage market in Clear Creek County and 95 percent in Grand County.
