2GR Equity LLC, a real estate investment company headquartered in Grapevine, has formed its third joint venture with Dallas-based Move It Storage Management.
The newly formed joint venture acquired a 482-unit self-storage property in Temple, Texas, and has plans to invest $300,000 on interior and exterior renovations.
“The other two self-storage properties in our portfolio are each producing a consistent, strong yield to investors, and while the product type is not one that people tend to get very excited about, the stability of the asset and low cost of ownership continues to attract us to self-storage investment opportunities,” said Elizabeth Roll, one of 2GR Equity’s principals.
This is the 18th transaction closed by 2GR Equity since its formation in March 2011. The firm has now provided joint-venture equity on commercial real estate transactions representing $180 million in total capitalization through investments in multifamily, retail, industrial, hospitality, land, seniors housing and medical office.