Gelt Venture Partners is pleased to announce it has acquired a 678-unit self-storage property located at 1025 Golden Gate Drive in Napa, Calif. The property, formerly known as Southgate Mini Storage, will be rebranded as Public Storage under the new ownership.

The property consists of 653 drive-up, non-climate-controlled units, 23 RV parking spaces, a house, manager’s apartment, and site office. The property was built in 1975 and has a total of 18 single-story buildings consisting of 72,400 square feet (sf) spread across 4.27 acres. Storage unit sizes range from 50 to 360 square feet with an average size of 106 square feet. The well-maintained property is approximately 90% occupied and features security cameras and perimeter fencing. It is situated off Highway 29.

“Gelt identified this asset as a rare opportunity to create value by improving operational efficiencies and bringing rents to market rates,” said Keith Wasserman, Partner with Gelt Ventures. “This property is surrounded by an affluent demographic in a narrow infill location bordered by vineyards and hills to the east and west which also limits competition from new supply.”

Kartikeya Kejriwal (KK), Managing Partner of Self Storage at Gelt added, “This investment sits squarely within our deep value-add strategy to acquire and improve under-managed assets in prime locations across California. The property is poised to appreciate in value as demand for self-storage and property values in the Napa region continue to rise.”

Gelt has named Public Storage, a company with more than 50 years of storage-specific operating experience and multiple assets managed in Northern California, to handle operations of the property.

Gelt currently owns self-storage assets in California and Colorado with an interest in acquiring existing properties via private market transactions nationwide.

The self-storage property sector has proven to be recession-resistant to economic downturns as compared to other commercial real estate categories. Storage as an asset class has attracted some of the world’s largest real estate private equity firms due to its consistent historical stability.

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

About Gelt – Founded during the Great Financial Crisis in 2008, Gelt has established a formidable reputation in the multifamily industry. With over $1 billion equity raised and deployed from a diverse group of investors, the firm’s innovative syndicated capital-raising approach has resulted in a portfolio valued at more than $2.5 billion. Gelt primarily focuses on apartments and storage facilities in the western U.S., financing assets through single-purpose LLC entities with fixed-rate debt obtained from established agency institutions like Fannie Mae and Freddie Mac.

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