Red Balloon Storage is pleased to announce the successful sale of Boiling Springs Storage, a value-add self-storage facility located at 1909 Boiling Springs Road in Boiling Springs, South Carolina. Acquired in June 2021, the 65,000 square foot facility underwent a targeted expansion of 12,500 square feet, bringing the total rentable space with parking to 84,100 NRSF across 528 units. The project was sold in June 2023 to a private buyer, generating net proceeds of $6 million, a 64% IRR, and a 2.7x equity multiple on a total project cost of $6.91 million.

Located in a rapidly growing suburban market, the facility benefited from favorable demographics, increasing residential development, and consistent demand for secure, well-managed storage solutions. The strategic expansion allowed Red Balloon Storage to unlock additional value and deliver strong returns to investors.