Westminster Realty Partners II LP has committed $5.5 million to develop three Class A, climate controlled self-storage facilities in joint-venture with Miller-Valentine and Coldwell Banker Commercial Atlantic (CBCA). Each self-storage building will consist of 66,750 RSF, with institutional quality finishes, state-of-the-art security systems, commercial-grade climate control systems, and elevators with 4,500 lb. capacity. The first building is ideally located in fast growing Goose Creek, South Carolina lying between a Wal-Mart and two apartment complexes. Moreover, there are 11 apartment complexes within a 3 mile radius. Westminster Capital, Miller-Valentine, and CBCA will work together throughout the development and stabilization of the property to optimize construction time, costs, and profits. Extra Space Storage will oversee lease-up and property management. Construction financing will be provided by Bank of North Carolina.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.