AC Self Storage Solutions, LLC Assumes Management of Silverado Self Storage in Las Vegas, NV
AC Self Storage Solutions, LLC of Carlsbad, CA, has been retained by the owners of Silverado Self Storage to manage and operate the facility at 8250 S. Maryland Parkway, Las Vegas. Silverado has 653 climate and non-climate controlled storage units with 95,000 net rentable square feet and 22 parking spaces.
The nine-year-old Class A self-storage facility, which has an 88% physical occupancy, was previously managed by American Mini-Storage’s AMS VI Las Vegas Investments Management, LLC., a unit of the original syndicator, Equity Based Services, Inc. of San Diego.
AC Asset Management, LLC (ACAM) of Carlsbad, CA, a subsidiary of AC Self Storage Solutions, LLC , (ACSSS), secured and closed on a $6.3 million, 10-year, 5.18% fixed rate financing for the owners to replace an existingmortgage on Silverado that was about to mature and would not be renewed.
The ownership of Silverado is a syndication of five Tenants-in-Common and 33 limited liability company investors. The owners retained AC Self Storage Solutions and its asset management subsidiary to stabilize and refinance the property when American Mini-Storage resigned as asset manager.
“This was a complicated transaction. We were fortunate to have great cooperation from the previous lender, the previous asset manager, and Silverado’s ownership of LLC members and Tenants in Common,” said Troy Downing, chief executive officer of AC Self Storage Solutions, LLC.
“There were a lot of moving parts, including requirements to have 37 individual owners sign amendments while they were spread out as far away as Europe,” added Craig Morris, president of AC Self Storage Solutions, LLC.
Silverado also owns a two-sided billboard facing Interstate 215 and a cellular telephone tower. It’s located near the corner of Maryland Parkway and S. Windmill Lane near the I-215 exit and immediately south of McCarran International Airport.
About Self Storage Solutions, LLC
AC Self Storage Solutions, LLC of Carlsbad, CA. is an owner/operator and asset manager of self storage commercial real estate nationwide. AC Self Storage focuses on acquiring stable, cash flowing, self storage facilities mainly in the Sunbelt and select areas of the U.S. that exhibit strong local demographics needed for successful income-producing self storage operations. AC Self Storage Solutions is a joint venture between Axxcess Capital Ventures, LLC of Newport Beach, CA and Specialized Storage Management Holdings, LLC. The team at AC Self Storage is made up of professionals from diverse backgrounds in self storage, commercial real]]>