Crestwood, IL

In November 2014, we acquired a run-down, mismanaged direct-access self-storage facility with approximately 47,200 net rentable square feet together with the adjacent 2.5 acres of vacant land at 4501 W 135th St in Crestwood, a suburb of Chicago.

We renovated the existing facility to address immediate structural problems, bring the buildings up to code and increase curb appeal. We also engaged CubeSmart to rebrand and manage the facility. Within the first full year of operations, occupancy jumped from 57% to over 90.

Based on this successful turnaround, we recapitalized the property with a senior bank loan to fund expansion onto the vacant land. In April 2017, we opened Phase 2, a new climate-controlled building with approximately 37,175 net rentable square feet of self-storage.

In 2018, we successfully sold the Crestwood facility.