MVP REIT and Vestin Realty Mortgage II bought the 299-unit Red Mountain Storage, on 5 acres, at 1675, 1653, and 1006 Nevada Highway in Boulder City for $5.2 million, or $17,391-per-unit, from Red Mountain Storage LLC. The two-site, 23-building self-storage complex totals 112,000 rentable square feet. The sale price equals $46-per-square-foot. The facility, which consists of 288 single-story units and 11 open recreational vehicle spaces, is over 97% occupied. MVP REIT and VRMII will each own a 51% percent and 49% stake, respectively, in a jointly managed limited liability company.
September 17, 2013