January 25, 2022
In September of 2018, Veritas Family Partners, Ltd. partnered with Mequity Companies to develop a 93,000 SF self-storage facility in Marietta, Georgia (Atlanta MSA). The first phase of the project opened in January of 2020, with the second and final phase opening in September of 2020. Although the project was only 62% occupied, we began marketing it for sale in September of 2021 because the red-hot self-storage sector had become a seller’s market. On January 12th, we sold the project to Extra Space Storage, Inc. Our LP investors will receive a 23.06% IRR and 1.9x equity multiple.