Silver Star REIT has successfully acquired its fourth self-storage property, located in Delray Beach, Florida. This Class A facility spans 81,370 square feet and consists of 907 units. The purchase price for this property was $26.5 million and it was obtained from an unrelated third party as part of a 1031 exchange. OPI Storage acted as the buyer for the facility situated at 14810 Hagen Ranch Road.
After undergoing a lengthy legal process, our company is currently transitioning into the self-storage asset class in an organized manner. We have identified and plan to sell off our remaining legacy assets – totaling to about twenty properties – as soon as possible. Once this transition is complete and taking into account potential changes in value estimates and expenses, Silver Star anticipates having approximately $350 million available for investment in self-storage properties.
