Devon Self Storage Acquisitions
Acquisition Profile
Devon remains interested in creating economies of scale in markets in which they currently have facilities, or by acquiring portfolios that allow for creating critical mass. Devon Self Storage has acquired 99 facilities since its inception in 1993. Based upon the equity invested, 65% have been existing facilities with the balance being either conversions or ground-up development.
Market Metrics
The geographic diversification has been:
- 55% East
- 6% West
- 22% Midwest
- 10% Southeast
- 4% South
- 2% Southwest
Devon’s current focus is on the 20 largest SMSA’s with primary emphasis on markets that meet the following qualifications:
- Populations of over 100,000 people within a 3 mile trade area
- Average rental rates in excess of $125 for a 10×10 unit
- Deemed under-served based upon household to total market square foot ratios
Devon’s acquisition criteria include land and conversion candidates that have strong retail components such as access, visibility and traffic counts. Devon, likewise, is interested in existing sites in lease-up, where ownership is lacking a broad operating platform.
Contacting Our Acquisitions Team
Devon can respond quickly to all offering submittals and prides iteself on being open and communicative with their level of interest. Should you have a property or land that you feel would meet our investment criteria, Click here to contact Mr. Greg Mackay, Senior Vice President of Acquisitions.