DENVER — Flatirons Asset Management, a Denver-based investment firm, has acquired a 33-property self-storage portfolio from Red Dot Storage for an undisclosed price. The portfolio spans 1.3 million square feet and includes 9,125 units. The properties are located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, and were 90 percent occupied as of Aug. 31. Red Dot Storage will continue to operate the portfolio following the acquisition. The Louisville, Colorado-based company operates more than 190 locations across 19 states. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage,” says Scott Smith, president and CEO of Flatirons. Self-storage has been making headlines this fall, with large transactions including the acquisition of Storage Express by Extra Space Storage Inc. in September for $590 million. During this week alone, a number of self-storage properties and portfolios have traded hands, including a 768-unit portfolio in San Antonio; two properties in Tulsa, Okla. offering 950 units; and a 24,480-square-foot facility in Kenosha, Wis. Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory …
