Our acquisition team is responsible for sourcing, analyzing, performing due diligence, and negotiating the purchase of properties for Moove In Self Storage.

Sample Acquisition Timeline:

1. Pre-Acquisition (5-15 business days)

  • Gather property data and historical data (seller provides the majority of the information);
  • Conduct a supply & demand study;
  • Collect competitor rent comparable(s);
  • Underwrite the property;
  • Submit a letter of intent (LOI); and
  • Negotiate the basic terms within the LOI.

2. Under LOI (Variable, 14-40 days)

  • LOI executed by the buyer and the seller;
  • Buyer provides the purchase and sale agreement to the seller and their representatives (i.e. attorney, broker, etc.); and
  • Buyer and seller negotiate terms and language in purchase & sale agreement.

3. Under Contract (60-120 days)

  • Purchase & sale agreement executed by the buyer and seller (clock starts on effective date);
  • Due diligence period starts and agreed upon deposit sent to escrow;
  • Acquisition team reviews due diligence materials provided by the seller;
  • Third party reports ordered by the buyer (Environmental report (Phase I), survey, title search, etc.). Coordination with seller for these studies to be conducted;
  • Due diligence period ends;
  • Closing period begins; and
  • Buyer assembles operational and funding plan prior to the closing.

4. Closing (1 day)

  • Title is transferred from the seller to the buyer;
  • All of the funds are disbursed to the parties; and
  • Buyer receives the property and the seller receives the funds.

Average Acquisition Timeline Total: 3-5 months.