Posted on Wednesday, April 24th, 2013 | In Small & Micro Cap
American Spectrum Realty, a real estate investment, management, and leasing company headquartered in Houston, Texas, announced recently that American Spectrum Self-Storage management, LLC, a subsidiary of the company, has been named the property management company of 19 self-storage properties.
These properties will now be marketed under the trademark name 1st American Storage.
Consisting of 19 self-storage properties, the new self-storage management portfolio totals over 1.3 million square feet and 11,000 units across seven states. With the addition of this assignment, the company’s self-storage management portfolio consists of 42 self-storage properties totaling 2.9 million square feet. Of those, 66% reside in Texas, making American Spectrum one of the largest self-storage management companies in Houston, Texas. The company’s current infrastructure is such that the additional properties will not significantly increase G&A expenses, allowing a large portion of the new management fees to contribute directly to net income.
“We feel that we are uniquely suited to serve the needs of this self-storage portfolio. Our specific experience managing similar properties and the size of our portfolio – specifically in Texas – is a natural fit for a seamless transition,” said CEO William Carden. “We are honored to be awarded this management assignment and look forward to implementing some positive changes to achieve the same success we’ve experienced with our current storage portfolio.”
In January 2010, American Spectrum assumed the property management of a similar self-storage portfolio. A detailed evaluation of each property revealed apparent operational and financial struggles. American Spectrum was able to lower operating costs, increase occupancy, and dramatically improve net operating income, despite a down economy, through extensive staff training, streamlined operations, and aggressive marketing. The portfolio saw a 28% increase in occupancy, a 13% growth in revenue, and a 22% improvement in NOI over a two year period. As such, American Spectrum saw a significant increase to its portfolio value during this time period and was able to restore distributions to the owners.
With a proven track record of success, American Spectrum has delivered above market results to clients year after year. American Spectrum’s vast experience and market insight provides a strategic, proactive, long term solution to investment and operational challenges.
For more information on American Spectrum Realty, Inc., visit www.1stAmericanStorage.com
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