By Ellaine Zabate
Go Store It Self Storage has acquired four boat and RV storage facilities in the Richmond-Katy submarket of the Houston metropolitan area, Texas. The purchase was supported by a $250-million USD joint venture between GEM Realty Capital and Madison Capital Group Holdings LLC, Go Store It’s parent company.
The portfolio includes Grand Parkway Boat & RV Storage, Katy Cinco Boat & RV Storage, Elite Boat & RV Storage and FM 359 Boat & RV Storage. The four properties provide a total of 705 units, including 560 covered or enclosed spaces. Occupancy at the time of acquisition was 94%.
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The acquisition comes after Go Store It and BlueGate were brought together under one platform, with Go Store It now managing the company’s traditional self-storage and boat and RV storage facilities. Madison Capital Group has also launched a dedicated marina division, Madison Marinas.
Banks Brown, vice president of acquisitions for Madison Capital Group, said: “This portfolio provides the scale and product mix needed to deliver an institutional operating standard. The concentration of covered and enclosed units, combined with clustered geography, allows us to implement consistent systems, branding and pricing strategies. That foundation supports meaningful product upgrades and positions the assets for long-term performance within a national platform.”
Scott Hastings, CPA, CFA, chief financial officer of Go Store It, said: “This acquisition reflects the disciplined growth strategy we continue to execute across the Go Store It platform. The portfolio delivers strong in-place performance, a high concentration of covered and enclosed units and immediate operating efficiencies. It aligns well with our underwriting approach and supports long-term value creation as we scale in supply-constrained, high-demand markets.”
Ellaine Zabate is a news writer and contributor of Marina World.
