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Success Stories

Self Storage – West Bridgewater, MA

Property Type: Self Storage Facility

Location: West Bridgewater, MA

Number of Units: 301 units; 29,160 SF

Value Created: Occupancy Increased by 15% in 5 months, Increased revenue by 18%, Asset sold for higher than initial estimate

BACKGROUND

This Self Storage property was in foreclosure and the business in serious distress. When Trigild was retained as manager post-foreclosure, it faced:

  • Low occupancy due to ongoing vandalism throughout the facility
  • Abandoned property left behind in the units
  • Extensive deferred maintenance throughout the property
  • A prior owner who failed to turn over lease files and financial information

APPROACH

  • During its inspection of the property, the Trigild team located a lease file and was able to identify the software program used to generate it. Trigild contacted the software company and was given access to the property’s database. This was critical to getting the business up and running.
  • Abandoned units were scattered throughout the complex and it was difficult to establish an accurate inventory of available units. Trigild used the recovered software database to manually match lease files with occupied units. Then, they cleared out abandoned units, making them available to potential renters.
  • Vandalism was a major issue for the property, making it unattractive to potential customers. Trigild immediately installed a fence around the property and repaired a gate that had been inoperable for three years.
  • The property looked extremely unappealing. Trigild engaged vendors to clean up the property, addressing landscaping, pest control and extensive debris.
  • The Trigild team developed a professional leasing plan to put the business back on track and generating revenue.

PERFORMANCE SUMMARY

  • Located and seized all property related documentation within the first 60 days without any help from previous owner
  • Completed deferred maintenance repairs, restoring leasing activity and ultimately increasing the sale price of the asset upon disposition
  • Increased occupancy 15% in five months during slow winter season, increasing revenue for the year by 18%
  • Eliminated vandalism by securing the asset within 30 days of takeover
  • Established a clean and accurate rent roll after being provided zero data within first 45 days