Blue Door Property II DST
Self Storage
Pasadena, TX 77505
Corinth, TX 76210
Orlando, FL 32822
Pasadena, TX 77505; Corinth, TX 76210; Orlando, FL 32822
164,300 unitsSelf Storage
$54,100,000
100.0% of portfolio
- Seller
- —
- Property manager
- —
Blue Door Property II DST is an unencumbered, 0% LTV self-storage offering with assets in Pasadena, TX, Corinth, TX, and Orlando, FL. Total equity raised is $64,766,336 against a $54,100,000 acquisition purchase price.
Capital structure
Offering Equity$30.36M50.6% · $121,449 / unit
Offering Debt$29.64M
Offering price
$60.0M
Price / unit
$240,000
Units
250
Property age
12 yrs
Projected distribution rate
Avg 6.75%
Yr 1Term avg.
Yr 1 4.40%Term avg. 4.81%
Year-one distribution of 6.25% stepping to 7.20% by year seven.
The property
Three-property self-storage portfolio across Texas and Florida
$54,100,000 acquisition price
Sponsor
—
Asset Type
Self Storage
Location
Pasadena, TX 77505; Corinth, TX 76210; Orlando, FL 32822
Units
164,300
Property Age
—
Offering Price
$64,766,336
Offering Debt
—
Offering Equity
$64,766,336
Offering LTV
0%
Income % (Yr. 1)
4.4%
Avg. Income (Full Term)
4.81%
Minimum Cash Investment
—
Minimum 1031 Investment
—
Strengths
- Unleveraged 0% LTV capital structure
- Geographic diversification across Texas and Florida submarkets
Concerns
- Total offering price reflects a 9.5% premium over total acquisition and reserve costs