A Florida investment firm has acquired eight self-storage facilities in the Milwaukee area for $37 million, according to state records.
Affiliates of West Palm Beach, Florida-based SROA Capital LLC recently bought the properties in Milwaukee and Waukesha counties. They were all formerly EZ Self Storage facilities, but are now under the Self Storage of America brand.
The properties were acquired from affiliates of two separate local investors. Affiliates of Franklin-based Sunset Investors Group owned six of the EZ Self Storage facilities, and were registered to Sunset Investors principal Kendall Breunig. The other two properties were owned by entities registered to Peter Williams, of Hartland.
Each property was separately sold at prices ranging from $300,000 up to $10.15 million. They included the following:
11108 W. Lapham St., West Allis (sold for $10.15 million)
5133 S. Pennsylvania Ave., Cudahy ($5.95 million)
1019 W. Rawson Ave., Oak Creek ($4.9 million)
1201 W. Canal St., Milwaukee ($4.65 million)
10535 W. College Ave. and 10610 W. Venture Drive, Franklin ($4.25 million)
N60 W14944 W. Bobolink Ave., Menomonee Falls ($3.55 million)
3645 W. Loomis Road, Greenfield ($3.25 million)
13501 W. Silver Spring Drive, Butler ($300,000)
SROA did not respond to a request for comment. According to its website, the firm develops, acquires and operates self-storage facilities throughout the Midwest, East and Southeastern U.S.
The Milwaukee-area EZ Self Storage facilities appear to be the first properties it owns in Wisconsin.
SROA owns at least 140 self-storage facilities totaling 7 million square feet. It seeks out "undercapitalized and mismanaged self-storage assets in high-growth markets," and employs a strategy to increase same-store growth and boost net operating income. That strategy includes building improvements, real-time lease pricing, e-commerce payment capabilities, proprietary revenue-management software and more.