Spartan Investment Group closed on a duo of existing facilities in Lincoln, Nebraska. Totaling 78,402 net rentable square feet and 665 units, these acquisitions mark the first Nebraska-based properties in the firm’s portfolio.
Each property is characterized by its visibility and access to key amenities, retail centers and vicinity to the University of Nebraska-Lincoln. The portfolio is comprised of:
· The 1909 N 1st St. property, a 386-unit facility with 51,825 net rentable square feet that sees over 33K vehicles per day.
· The 700 N Cotner Blvd. property, a 279-unit facility with 26,577 net rentable square feet, with all 279 units being climate controlled.
Initially built in 2001 and 2012 respectively, Spartan will invest $250K in upgrades and expand amenities at both locations to improve curb appeal and modernize security — positioning them as top facilities in the market while driving rental income growth.
Spartan’s expansion into the Nebraska market comes on the heels of the acquisition of their 10th facility in the Pacific Northwest, in Lake Stevens Washington. These added facilities in Lincoln mark the beginning of expansion into the Great Plains region.
