Self-storage facilities sell for $23.75 million
by March 29, 2025 12:26 pm 1,759 views
Colorado-based real estate investment company Spartan Investment Group has acquired three existing self-storage facilities in Northwest Arkansas, according to a news release.
The facilities in Bentonville, Rogers and Springdale comprise 1,890 units and 323,780 square feet of rentable space.
Multiple limited liability companies, managed by Scott Lewis, recently bought the A.J. Storage properties in separate transactions for a total of $23.75 million. The purchase price equals $12,566 per unit or $73 per square foot. Lewis is co-founder and CEO of Spartan Investment Group.
The sellers comprised multiple Bentonville-based limited liability companies managed by Brian Johnson. Fayetteville-chartered Arvest Bank provided a five-year loan of $13.56 million.
“Having seen its first explosion in population since the turn of the century, the Northwest Arkansas market is primed for success, and the addition of these properties allows us to provide a strong value-add opportunity for our investors,” Lewis said. “With proper investment in upgrades to these facilities and by joining forces with Extra Space as our third-party manager, we are well-positioned to set the standard for service and pricing by bringing the first and only REIT to a fragmented market.”
The 269-unit facility with 39,450 square feet of rentable space is at 3800 N.W. Frontage Road in Bentonville, the 845-unit facility with 158,630 square feet of rentable space is at 2600 N. 24th St. in Rogers, and the 776-unit facility with 125,700 square feet of rentable space is at 4206 Elm Springs Road in Springdale.
According to the release, Spartan will invest more than $1 million in the properties, including updates to security, signage and operational systems.
The company’s expansion into Northwest Arkansas follows recent growth in the Pacific Northwest, with two facility acquisitions in Salem, Ore. The company also has class A facilities in Sandy, Ore., and Black Diamond, Wash., and three class A properties across Vancouver and Portland.
In less than 10 years, Spartan’s network of over 5,000 investors has raised more than $450 million to acquire nearly 60 facilities comprising more than 30,000 units and $500 million in assets under management across the United States.