How Virtus Plans to Invest $40M
By the end of 2015, Virtus Real Estate Capital plans to deploy an additional $30M to $40M in self-storage investments. (If only your old guitar you stored there was worth that.) Virtus acquisitions director Scott Humphreys (with wife, Courtney) tells us about $6M to $8M should be invested by year-end on projects in areas with high visibility and retail locations and heavy traffic counts in high-growth MSAs with at least 500k people.
The latest acquisition is for a 66k SF facility in Norman, down the street from OU. Scott tells us self-storage is a highly fragmented market with REITs owning roughly 10% of total product with a tremendous amount of local or regional ownership. That creates incredible opportunities for upside and value-add, he says. Virtus owns 46 self-storage facilities across 10 states. When he’s not working, Scott likes to spend time on a golf course or outdoors.
