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MVP REIT to Sell Texas Self-Storage Facility

MVP REIT Inc., a publicly registered non-traded real estate investment trust that invests primarily in parking facilities, entered into an agreement to sell its only self-storage facility located in the Austin suburb of Cedar Park, Texas. The net sales price is approximately $4.3 million, including the assumption of the existing loan with a balance of approximately $1.7 million. MVP acquired the 376-unit, 52,000-square-foot storage facility property in December 2012 for $3.3 million.

The buyer’s due diligence period expires on or about September 7, 2015 at which time the earnest money deposit of $0.2 million would become nonrefundable, subject to terms and conditions of the purchase and sale agreement. Provided the buyer approves its due diligence and is approved to assume the existing loan, the sale is scheduled to close on September 22, 2015.  However, there can be no assurance when and if this sale will be completed.

Following the disposition, MVP REIT’s portfolio will be comprised solely of  15 parking facilities located in nine states. As of June 30, 2015, the REIT has issued 6,899,873 shares of its common stock and an additional 87,840 shares through its distribution reinvestment program.