Deer Park is a 459 unit storage facility located in Deer Park, Texas a Houston Suburb. This property was acquired as a turn around project with an expansion possibility and real estate prices that now create a strong barrier to entry by any new competing facilities. Since taking over in Feb/Mar of this year, installing a new management company and all new staff, and implementing a marketing and advertising plan, and making cosmetic changes to include new signage, we have increased occupancy by over 8% and increased profitability by almost 20% over original projections. We are currently in the entitlement process to expand to include new use as well as increasing the size units in highest demand. This is a project that throws off strong cash flow and will be sold once the expansion and subsequent rent up process has completed which is targeted for completion sometime in late 2010.
