The Keep Storage at Lookout

Self-Storage Property
Experienced Plus Sponsor
Casey Development, Ltd.
San Antonio, TX

Offered By

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Assets Under
Management

Currently
$135MM 10+ assets
Exited
$330MM 10+ assets
Portfolio LTV
N/R  
Historical
Realized Returns

Total IRR
25%  
Equity Multiple
2.2x  
Annual Cash
10%  
Years Of
Experience

As Principals
30+ years  
In Business
26 years  
Size
12 Staff * Dedicated investor relations
* All information is reported by Casey Development, Ltd. as of 12/5/2017.
Assets Under
Management

Currently
$135MM 10+ assets
Exited
$330MM 10+ assets
Portfolio LTV
N/R  
Historical
Returns

Total IRR
25%  
Equity Multiple
2.2x  
Annual Cash
10%  
Years Of
Experience

As Principals
30+ years  
In Business
26 years  
Size
12 Staff * Dedicated investor relations
* All information is reported by Casey Development, Ltd. as of 12/5/2017.

About this Property

The Keep Storage at Lookout ("The Keep-Lookout") is a to be built 105,800 square foot climate controlled Class "A" self-storage facility located in the northeast quadrant of Loop 1604 and Lookout Road in the far northeast submarket of San Antonio, Texas.

The property will consist of 570 climate controlled units and 11 mini-offices, totaling almost 77,500 square feet of rentable space. The building will be a dual-loaded three-story facility, with the first two levels providing drive-up access due to the topography of the site. Amenities will include an on-site office and property manager, full security system with closed circuit visual monitoring, two levels of drive-up access, individual door alarms and 11 mini-offices with attached storage spaces. Construction is expected to start in the 1st quarter of 2018 with an 11-month schedule.

Existing facilities in the area maintain an average occupancy of 96% and there are no other known self-storage projects in this submarket under development.

We project a conservative 32-month lease-up period to reach stabilized occupancy of 92%. Equity investors are projected to receive an IRR of 17.1% and an equity multiple of 2.1x over the projected holding period of 60 months.

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Key Points

  • New development opportunity in a highly visible, fast growing location
  • Opportunity to invest in the highly desirable self-storage asset class
  • Submarket is underserved by climate controlled self-storage with an estimated current demand in excess of supply of 140,000 SF
  • Amenities include on-site office and property manager, full security system with closed circuit visual monitoring, individual door alarms and two levels of drive-up access
  • Casey Development has a proven track record of developing properties across all asset classes and achieving IRRs to investors in excess of 20%
  • The Keep Storage at Lookout is Casey Development's fifth self-storage development

Financials

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Offering Financial

Location Details

San Antonio, TX

Located in the fast-growing northeast quadrant of San Antonio, Texas, this property is highly visible along Loop 1604, just north of Interstate Highway 35. The site is easily accessible along the Loop 1604 frontage road and from Lookout Road. Adjacent to the site is a new, 330 unit Class A apartment community. There are a total of 1,000 apartment units built since 2010 in the immediate area.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline for this opportunity is January 26th, 2017.

The first projected distribution is scheduled for December 2020.

Distributions are scheduled to go out on a quarterly basis.

Yes non-US residents are welcome to apply.

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Have a Question?

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