Fund: VanWest Self Storage Fund I
Unit Count: ~220
NRSF: ~27k
Projected IRR: Mid-to-high teen

Crews was purchased in April of 2020 and sourced off-market through an existing broker relationship.

The facility was 83% occupied, however suffered from a large expense burden and had an exceedingly high number of delinquent customers.

Upon taking over, our management team successfully cleared out the delinquent customers and improved collections leading to substantial revenue growth. In addition, the expense load has been significantly reduced – operating the facility 24% below where expenses had been before taking over ownership.

Between top line growth and expense optimization, the facility is now operating at a 9.75% return on cost as of February 2022.