Boundary Companies Sells Northern Virginia Self-Storage Portfolio For $90 Million

Boundary Companies has announced the sale of its Northern Virginia Self-Storage Portfolio, a collection of six class-A facilities strategically located between Alexandria and Richmond, VA. The Portfolio totals 2,696 storage units and parking spaces across 330,000 SF.

Boundary acquired the Portfolio over the past 3 years through several transactions and implemented an active rate management system, captured operational efficiencies, and increased ancillary income, which significantly increased the Portfolio’s NOI while maintaining stabilized occupancy. 

“We are pleased to have completed our business plan for these properties and successfully exit our investments” stated Alex Caffrey, Partner of Boundary Companies. “We feel that it was an opportune time to sell this portion of our Portfolio and capitalize on the growing demand for institutional self-storage properties in Northern Virginia. This sale will not slow down our new self-storage acquisitions which we view as attractive investments in inflationary environments.”

Two of the assets in the portfolio mark the first realizations for Boundary Fund I, a discretionary real estate fund that closed in the first quarter of 2021. Boundary has made 10 investments over the past year with a total capitalization of $150 million and over 1.8 million square feet of self-storage, industrial, data center, and build-to-rent townhome assets. 

“We are excited to announce the Portfolio sale and first Fund I realizations.” Said Brendan O’Hare, Principal of Boundary Companies. “The successful execution is emblematic of healthy property-level fundamentals coupled with robust institutional interest in self-storage as a whole. On the acquisition front, we continue to focus on drive-up self-storage along with our industrial, data center, and build-to-rent townhome strategies – investing with macro tailwinds into targeted opportunities” he added.

View Boundary Companies >>