Lynwood Capital Partners has acquired a 358-unit self storage facility in Cheyenne, Wyoming, for $4,325,000, with the De Jong Self Storage Team at Colliers handling the buy-side representation. The sale closed on October 14, 2026, 47 days after the parties signed the letter of intent, according to the announcement.
Dylan de Jong, Colin Phelan, and Tom de Jong represented David Hanson, Principal of Lynwood Capital Partners. The seller was KO Storage of Minnetonka, Minnesota. The property, located at 711 E. College Drive, totals 45,103 rentable square feet and equates to approximately $96 per rentable square foot. It was 83.0% occupied at closing and now operates as StorageSense – Cheyenne.
The facility includes 350 storage units, among them 32 climate-controlled units totaling 2,125 square feet, plus seven parking spaces and an office.
The transaction matters because it illustrates a broader shift in self storage investment. As institutional capital concentrates in the largest markets, it pushes other buyers into secondary and tertiary markets like Cheyenne, where they can still find a good return on their investment, said Tom de Jong, Executive Vice President at Colliers.
For readers and industry participants, the deal offers a window into how smaller-market self storage assets are being priced and pursued. At roughly $96 per rentable square foot and 83.0% occupancy, the Cheyenne property fits the profile Lynwood is targeting as it assembles a portfolio. Lynwood is acquiring self storage properties with the longer-term goal of selling the assembled portfolio. The firm targets properties with a value-add component, preferably through operational improvements such as rental rate management and better marketing, and it also considers properties with excess land for future expansion.
The speed of the closing, 47 days after the letter of intent was signed, also highlights the value of buyer representation in a competitive market. Lynwood came to the team with clear acquisition criteria, and the team's job was to find an asset that fit, underwrite it carefully, and get it to the closing table, Tom de Jong said. Hanson credited the team as consummate experts who were careful, deliberate, patient, directive as required, and vigilant during the transaction process, adding that he learned a ton.
About half of the De Jong Self Storage Team's transactions this year have involved representing buyers, and the team recently formalized that work into a buyer representation service, pairing Tom de Jong with Dylan de Jong and Colin Phelan to source, screen, and underwrite self storage opportunities against each buyer's acquisition criteria. The team provides full-lifecycle brokerage and advisory for self storage owners, developers, and investors nationwide and has closed more than $2 billion in self storage transactions across 32 states.
The acquisition suggests continued appetite for value-add self storage assets outside major markets, a trend that could affect pricing, occupancy strategies, and investment activity in secondary and tertiary markets like Cheyenne.
