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8/01/24
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Merit Hill Capital purchased Bear Valley RV Park and Self Storage, a 726-unit self-storage facility in the Inland Empire community of Hesperia. Merit Hill is a real estate investment firm based in Brooklyn, NY that is focused on self-storage and owns 382 properties in the U.S., including 30 properties in California.
Completed in 1996, Bear Valley RV and Self Storage sits on a 49.6-acre site at 18435 Bear Valley Rd. The property consists of a mixture of single-story, permanent structure, RV parking units, surface parking units and portable storage units. The facility features electronic gate access, 24-hour video surveillance, climate-controlled units and an on-site office. Bear Valley RV and Self Storage is managed by Right Move Storage and is 87% occupied.
The property is just east of Interstate 15 that runs through Las Vegas, Salt Lake City and north to Canada. The immediate Hesperia, California area is well populated and home to approximately 50,000 people, many of which are growing younger families.
Brian Somoza with JLL Capital Markets Self-Storage team represented the seller, and procured the buyer in the deal.
“Self-storage as an asset class has been extremely resilient and has consistently performed well relative to other asset class over the past five-, 10- and 15-year periods,” Somoza said. “Due to this, Bear Valley was extremely well-received by the market and we had a significant amount of investor interest given its location and historic performance in a growing market in California.”
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