Recent Case Study – 1st American Storage – Loop 1604
January 1, 2012
1st American Storage-Loop 1604 743 units
San Antonio, TX 178,595 SF
Upon assuming management of the property in January 2010, the property had a unit occupancy of 86% and had suspended distribution to the investors. The property had several serious deferred maintenance issues including un-rentable units due to roof leaks, units with dirt floors, large potholes in the property asphalt drives, peeling paint on doors, and a necessary office remodel.
Darren Kelley, ASRM’s National Self Storage Asset Manager, took over the property management and began working with onsite management personnel to address issues. Operating Systems and Training were put in place to ensure customer service and property operations were being handled effectively. While improving operations, ASRM implemented aggressive marketing strategies, leveraging lower entry rates and discounts such as the $1 Pays First Month campaign, to increase the move-in velocity and grow occupancy. Additionally, ASRM employed tactical revenue management strategies aimed at building income without losing occupancy. All of the deferred maintenance was completed by the end of 2011. Throughout 2011, the occupancy increased to 93%, revenue climbed 17% from 2010, and NOI improved 17% from 2010. The property revenue continues to climb toward a 2017 loan maturity.