Turnbull Equity Sells 10,000 SQFT Morgan Hill Self-Storage Facility for $2.68MM After 74.2% Gross IRR
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
Turnbull Equity's 21-month hold on a small Morgan Hill self-storage property returned a 74.2 percent gross internal rate of return, an outcome the San Ramon firm attributes to an operations-first thesis rather than ph…
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