Buffalo, New York-based Life Storage Inc. has acquired four self-storage properties in Milwaukee County for $48.14 million total, according to state records.
A Life Storage affiliate bought two properties in Milwaukee, one in Franklin and one in West Allis from groups registered to investment management firm Kayne Anderson Capital Advisors. All four were Extra Space Storage facilities.
The property at 532 E. Capitol Drive commanded the highest price, at $18.55 million. The other three ranged between $6.9 million and about $12 million. They include 7440 N. 76th St., Milwaukee; 6803 S. 27th St., Franklin; and 232 S. Curtis Road, West Allis.
Representatives of Life Storage did not immediately respond to a request for comment.
According to its website, Life Storage is a real estate investment trust that acquires and manages self-storage facilities. It operates more than 950 storage facilities in 33 states, and caters to both residential and commercial storage customers.
It has other Milwaukee properties on West St. Paul Avenue, North 8th Street and North Green Bay Avenue.
This is at least the second large self-storage portfolio deal to occur in Milwaukee within the last 12 months.
In late December, a Florida-based investor acquired eight self-storage facilities for $37 million.
Business has been especially good for self-storage facilities of late.
A recent report from the Wall Street Journal shows self-storage outperformed other real estate property types coming out of the COVID-19 pandemic. Nationally, storage facilities have brought the biggest returns to investors in public real estate stocks this year, according to the report.