The Go Store It Opportunity Fund, a $250-million self-storage vehicle managed by Madison Capital Group Holdings, has purchased a 313-unit facility in Gallatin, Tenn., a Nashville submarket.
Main Street Management previously owned the 47,250-square-foot property, according to 
Yardi Matrix information. The firm acquired it in December 2020 from a private investor using funds from a loan originated by South Central Bank.
The asset is at 149 Goodview Way, near Highway 386 and 4 miles from the city center. The storage facility is one of four available within a 3-mile radius, offering residents almost 21 net rentable square feet per capita, the same data provider shows.
The 2019-built property comprises five single-story buildings with both traditional and RV and boat storage space. Units range from 50 to 400 square feet, some of which are climate controlled.
Asking rates and demand trends continued to stabilize as of July. National advertised rates remained flat year-over-year, according to the latest Yardi Matrix self-storage report. The annualized average rent per square foot during the same month was $16.9.
This deal is GSI Opportunity Fund’s third purchase in Sumner County and aligns with the investor’s approach to building a storage portfolio in areas with solid demand, mainly throughout the sunbelt region. Go Store It currently owns and operates more than 200 properties in 27 states, with additional projects underway.
Earlier this year, Go Store It Self Storage opened an 800-unit self storage facility in Longwood, Fla. The property spans 83,000 square feet.
