FAQ: Gelt's Acquisition of a 678-Unit Self-Storage Property in Napa, California

What property did Gelt acquire in Napa, California?

Gelt acquired a 678-unit self-storage property located at 1025 Golden Gate Drive in Napa, formerly known as Southgate Mini Storage, which will be rebranded as Public Storage.

What are the features of the acquired property?

The property includes 653 drive-up, non-climate-controlled units, 23 RV parking spaces, a house, manager’s apartment, and site office, spread across 4.27 acres with 72,400 square feet of space.

Why did Gelt acquire this property?

Gelt identified this asset as an opportunity to improve operational efficiencies, bring rents to market rates, and capitalize on the affluent demographic and limited competition in the Napa region.

Who will manage the operations of the property?

Public Storage, a company with over 50 years of storage-specific operating experience, has been named by Gelt to handle the operations of the property.

What is Gelt’s strategy with this acquisition?

This investment aligns with Gelt’s deep value-add strategy to acquire and improve under-managed assets in prime locations across California, expecting property value appreciation.

How does the self-storage sector compare to other commercial real estate categories?

The self-storage property sector is considered recession-resistant and has attracted large real estate private equity firms due to its historical stability compared to other commercial real estate categories.

Who represented the seller in this transaction?

Matthews Real Estate Investment Services represented the seller, a Napa-based private, family-owned developer/operator, while Gelt was self-represented.

What is Gelt’s background in real estate?

Founded in 2008, Gelt has a strong reputation in the multifamily industry, with over $1 billion equity raised and deployed, focusing on apartments and storage facilities in the western U.S.

Where else does Gelt own self-storage assets?

Gelt currently owns self-storage assets in California and Colorado and is interested in acquiring existing properties nationwide through private market transactions.