Titan Wealth Group Sells Mokena Self Storage at Certificate of Occupancy for $18mm
MOKENA, Ill., June 9, 2022 /PRNewswire/ — Titan Wealth Group today announced that the financials have been finalized for its investors in the sale of Mokena Self Storage in Mokena, IL. This milestone is a major move for Titan Wealth Group whose investors experienced a 2.26x equity multiple and 118.4% internal rate of return in just 13 months when the Mokena Self Storage project was estimated to be a 60-month timeline.
Illinois self storage development sale outperforms sale timeline by 78% and results in 118.4% IRR for investors.
“We’re thrilled that our investors able to achieve higher returns than our 5-year projections in just over a year.” says Fernando Angelucci, President of Titan Wealth Group and CEO of Self Storage Syndicated Equities. “The fact that we were able to sell for our stabilized price at certificate of occupancy to a buyer who will get to experience the upside of leasing the property in a red-hot rental market means that this was a win-win. We look forward to the repeatability of our investment model”.
Mokena Self Storage is located in Will County, one of the fastest growing counties in the United States. Built on 4.086 acres, Mokena Self Storage is a 3-story climate-controlled building with two single-story wings. This industry leading design results in 108,659 net rentable square footage and 939 storage units.
Titan Wealth Group partnered with Kingdom Holdings, LLC and Pine Forest Development, LLC on the project. Titan Wealth Group brought the loan guarantor, debt and equity for Mokena Self Storage. Midland States Bank provided the acquisition and construction loan. Mariottini Construction was the general contractor for the ground up development.
Titan Wealth Group closed on the Mokena Self Storage project on October 9th, 2020The Colliers Self Storage Group brokered the sale of Mokena Self Storage to Trojan Storage, LLCMokena Self Storage sold for $18,000,000 on November 3rd, 2021Titan Wealth Group originally projected a $12.7mm construction budget but was able to reduce the cost to build Mokena Self Storage to $10.5mm
About Titan Wealth Group: Titan Wealth Group is the management company for Self Storage Syndicated Equities, a Chicago, IL based investment firm that syndicates the acquisition and development of self-storage facilities nationwide.
View original content to download multimedia:https://www.prnewswire.com/news-releases/titan-wealth-group-outperforms-projected-sale-timeline-by-78-301564618.html
SOURCE Titan Wealth Group
