Flatirons Asset Management, a subsidiary of Crosstimbers Capital Group and sponsor of a series of private placement Delaware statutory trust programs, announced the acquisition of a 33-asset portfolio from Red Dot Storage, an operator of self-storage properties in the U.S.
The facilities include a total of 9,125 storage units, encompassing more than 1.3 million rentable square feet.
The self-storage properties, located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, will continue to operate under the Red Dot Storage brand. The portfolio was 90% leased as of Aug. 31, 2022.
Red Dot Storage is a company that uses proprietary technology which enables industry-leading efficiency. The company claims to provide safe and simple storage solutions to customers spanning more than 190 locations and 19 states with a focus on delivering an exceptional customer experience.
“This is a great opportunity to acquire a carefully curated portfolio of some of the best self-storage assets across the South and Midwest,” said Scott Smith, Flatirons president and chief executive officer. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage. With the shift in consumption of self-storage toward younger generations, the consumer increasingly values the low friction, contactless experience that Red Dot pioneered. We are excited to have acquired this portfolio and to work with an industry leader like Red Dot Storage.”
Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory trusts. Its parent company, Crosstimbers Capital Group, is a registered investment advisor which manages private equity and venture capital funds and invests on behalf of high-net-worth individuals and family offices.