PORTFOLIO:

New York Storage
Various Locations
New York, NY

In 2010, KPP sold storage units located in basements of luxury buildings across New York City. Demand for the units was high, and KPP was able to warrant a premium given the units' coveted location and the higher incomes of the residents that these storage units target. These units were completely empty and acquired throughout 2005 & 2006. In a few short years, KPP was able to rent out most of these units and generate over a 12% capitalization rate. These units were mostly sold in 2010 realizing over a 12% IRR