| Occupancy climbed from 62.6% to 92.5% since the December 2024 close. |
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Hi -,
We're pleased to reopen Life Storage McAllen to new investors - an 86K SF, 770-unit Class A self-storage facility acquired by repeat sponsor Reframe Holdings at $14.9M ($174 PSF), a 26% discount to comparable transactions and below replacement cost.
The headline since our December 2024 close: the lease-up is done. Occupancy climbed from 62.6% at acquisition to 92.5% as of February 2026 - physical stabilization, reached ahead of the Sponsor's underwriting.
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A BASIS WITH A STORY
The Sponsor negotiated a $1M price reduction after the prior buyer fell out of contract, securing a newly built (2023) Property below what it would cost to build today. At acquisition, in-place rents sat 10% below comparable properties within a three-mile radius - the setup for the next phase of the plan.
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LEASE UP COMPLETE, RENT GROWTH NEXT
Units leased at roughly 3.4% per month, 40 bps faster than the market average, under the ExtraSpace flag (NYSE: EXR) - one of the country's largest storage managers with 292M SF across 3.8K facilities. With stabilization achieved, the focus shifts to marking the tenant base to market through ExtraSpace's dynamic pricing. The Sponsor has also received a lender indication to refinance at a rate 65 bps below today's.
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REPEAT SPONSORSHIP, REALIZED EXITS
This is EM's fourth opportunity with Reframe principal Matthew Dicker, and third in self-storage. Reframe's principals have transacted $1.3B in the sector and exited $317M across nine properties at a blended deal-level 42.9% IRR and 3.0x - all realized results. Their first EM self-storage deal, in New Jersey, returned a realized net 14.7% IRR and 1.7x over four years.
McAllen is the fifth-largest Texas metro and among the 20 fastest-growing in the U.S. since 2010; the Property fronts a Trenton Road corridor carrying 29K vehicles per day.
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| Confirm your accredited investor status on the offering page to view full investment details and projected returns. |
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Questions? Reply to this email or reach out to our investor relations team via live chat on our website. Happy Investing,
The EquityMultiple Team |
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*Diversification on the EquityMutliple Platform is defined as having dispersed investments between the Keep, Earn, and Grow offerings.
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