VanWest Partners closes on fourth and fifth acquisitions for Fund III

VanWest Partners has acquired a two-property portfolio for VanWest Storage Fund III.

The self-storage acquisitions are located in Tulsa, Okla., and were sourced off-market through a longstanding broker relationship. The two-property portfolio consists of a 108,290-square-foot facility located at 2141 S. 92nd East Ave. and a 32,600-square-foot facility located about two miles to the north at 8950 E. Admiral Place. Combined, the two properties represent more than 140,000 net rentable square feet and more than 950 self-storage and parking units. With physical occupancy across both locations in the mid-90 percent range, the firm intends to bring below-market-rate customers to market rates, along with implementing an aggressive capital improvement plan that will include new gate and camera systems, door replacements, and roof and asphalt repairs.

Including the recent Tulsa facilities, Fund III has closed on five acquisitions representing slightly more than $41 million in to