Boardwalk Storage Fund I, LLC, Closes Its First Acquisition: Friendship Storage
Atlanta, Georgia – April 25, 2016 – Boardwalk Development Group, LLC, the Manager for Boardwalk Storage Fund I, LLC (“Boardwalk” or “The Fund”), is pleased to announce the closing of its first acquisition. The Fund successfully purchased Friendship Storage, a 37,600 Sq. Ft. storage facility with 23,400 Sq. Ft. of open and covered parking. Boardwalk has rebranded the facility as “Boardwalk Storage”.
Key Area Demographics
The Fund’s first facility is located in fast growing Cumming, GA near the major intersection of Canton Highway (GA State Route 20) and Bethelview Road. Cumming is a booming residential and business location. Forsyth County was the seventh fastest growing county in the U.S. in 2014. The U.S. Census estimates Forsyth County’s population in 2014 at 204,302, more than double the 2000 census of 98,407. The county is also one of top 25 wealthiest in the U.S. The Average Household Income in the five-mile radius around the property in 2015 was $106,821.
Value Creation Strategy
Boardwalk plans on re-developing the front office and adding a two-story façade, to improve the site’s visibility and overall curb-appeal. The interior of the office will be redesigned to improve the customer experience and allow for higher sales of moving supplies. In addition, two of the parking areas will be converted into approximately 15,000 Sq. Ft. of climate controlled, single-story, storage buildings. These changes will allow the property to increase existing rents and add additional revenue via the expansion.