Gelt Expands Self-Storage Portfolio with Acquisition in Napa, California

Gelt Venture Partners has recently acquired a 678-unit self-storage property located at 1025 Golden Gate Drive in Napa, California, marking a significant expansion of its portfolio in the self-storage sector. The property, previously known as Southgate Mini Storage, will be rebranded as Public Storage, leveraging the new ownership's expertise to enhance operational efficiencies and adjust rents to current market rates.

The facility, built in 1975, spans 4.27 acres and includes 653 drive-up, non-climate-controlled units, 23 RV parking spaces, and additional amenities such as a house, manager’s apartment, and site office. With a total of 72,400 square feet spread across 18 single-story buildings, the property is approximately 90% occupied, featuring security cameras and perimeter fencing for tenant safety.

Keith Wasserman, Partner with Gelt Ventures, highlighted the strategic value of the acquisition, noting the property's location in an affluent demographic area with limited competition due to its unique geographical setting bordered by vineyards and hills. Kartikeya Kejriwal (KK), Managing Partner of Self Storage at Gelt, emphasized the investment aligns with the firm's strategy to acquire and improve under-managed assets in prime locations across California, anticipating appreciation in property value as demand for self-storage in the Napa region continues to rise.

The self-storage sector has demonstrated resilience to economic downturns, attracting significant interest from large real estate private equity firms. Gelt's acquisition not only reinforces the firm's commitment to expanding its footprint in the western U.S. but also underscores the sector's potential for stable returns. Public Storage, with over 50 years of operating experience, has been appointed to manage the property, ensuring high standards of service and operational excellence.

This transaction, facilitated by Matthews Real Estate Investment Services on behalf of the seller, a Napa-based private family-owned developer/operator, reflects the ongoing consolidation and professionalization within the self-storage industry. For more information on Gelt's portfolio and investment strategy, visit https://www.geltinc.com.