List Self Storage logged Clover Self Storage at 28900 Schoolcraft, Livonia, Michigan, as a $4,300,000 single-asset sale totaling 660 units and 76,370 net rentable square feet in its September 23, 2026 roundup of closings from September 14-18. George Smith Partners had already closed $4.3 million of AXCS Capital preferred equity in August 2026 behind a $13.75 million senior bridge loan, lifting cumulative leverage to roughly 83.5% of a $21.6 million total capitalization.
This is not a core-cap trade. It is a repositioning bet on institutional management, pricing discipline, and 72 new drive-up units on excess parking land while national street rates still fell 2.2% in August.
What Did the Mid-September Buyer Acquire in Livonia?
Clover sits in western Wayne County along the I-96 corridor, a dense Detroit-suburb market with 30 stores and 6.73 square feet per capita in List's StorTrack snapshot. Walk-in averages printed $1.26 per square foot online and in-store blends, with $85,000 median household income across the 282,700-person trade area.
| Attribute | Clover Self Storage (Livonia) |
|---|---|
| Address | 28900 Schoolcraft, Livonia, MI 48150 |
| Units | 660 |
| Net rentable SF | 76,370 |
| Reported sale price (List) | $4,300,000 |
| RV / vehicle | 92 covered (43,392 SF) + 50 uncovered |
| Submarket SF/capita | 6.73 (30 stores) |
| Walk-in avg/SF | $1.26 |
List did not name buyer or seller. GSP's financing page describes a sponsor acquiring and repositioning a Class A box that "had underperformed while self-managed by a local operator."
Why Does an 83.5% LTC Stack Make Sense Here?
George Smith Partners structured $4.3 million of preferred equity at 16.0% fixed (8.0% current pay / 8.0% accrued) over 36 months with two 12-month extensions. The equity sits behind $13.75 million of senior bridge debt on a $21.6 million total project cost.
High leverage signals value-add underwriting, not a stabilized yield purchase at Colliers' ~5.4% average cap rate context. The business plan explicitly targets occupancy and revenue lift through institutional pricing, marketing, and lead conversion, plus management transition.
Vehicle storage diversifies revenue. 142 combined covered and uncovered spaces add outdoor income lines many climate-only urban infill projects cannot replicate. That mix matters when street rates compress but RV and boat storage demand stays local.
What Expansion Is Entitled at the Schoolcraft Road Site?
Public records show the Livonia Planning Commission recommended City Council approval on August 31, 2026 for Contineo Group to construct two additional self-storage buildings at Clover, including amendments to prior conditional rezoning conditions.
GSP's financing summary quantifies one expansion leg: 17,100 square feet and 72 non-climate-controlled drive-up units on excess parking area. Entitlement progress de-risks the equity story. Capital is not only buying in-place cash flow; it is buying density on land already zoned for storage.
Operators competing along Schoolcraft should expect construction staging and marketing noise if council approves the Contineo site plan. A 72-unit drive-up add changes non-climate pricing in a submarket already split between $1.16 walk-in non-climate and $1.36 walk-in climate averages per List's StorTrack panel.
How Does Livonia Fit September 2026 Midwest Deal Flow?
September 2026 Michigan activity spanned platform scale and surgical repositioning:
- MyPlace's 710-unit East Lansing acquisition added university-market density.
- Inland ALT REIT's Wisconsin portfolio bought stabilized Extra Space conversions for $32.2 million.
- Clover is a single-asset, high-leverage play in metro Detroit suburbs.
EquiCap's 472-unit Illinois portfolio closed the same week as a stabilized-income trade. Clover's capital stack says the buyer expects operational alpha to cover preferred returns, not cap-rate compression alone.
What Should Local Operators Watch?
Management transition timing. Institutional pricing and web conversion fixes can move occupancy faster than construction, but only if the third-party manager is named and live on day one.
RV rate integrity. Covered RV square footage is a meaningful share of total rentable area. Underpricing vehicle spaces to fill units quickly can mask weak small-box performance.
Expansion competition. If Contineo delivers 72 drive-up units, incumbent operators should model non-climate street rates down 3-5% in a one-mile ring unless regional demand accelerates.
Debt maturity visibility. A 36-month preferred stack with extensions implies a refinance or sale window before 2030. Track bridge lender appetite from Marcus & Millichap's note that banks account for roughly half of 2026 storage lending, not 70% as in 2023.
The Numbers Worth Writing Down
- List logged price: $4,300,000 (September 23, 2026 roundup)
- Units / NRSF: 660 / 76,370
- Preferred equity: $4,300,000 (AXCS Capital via GSP)
- Senior bridge: $13,750,000
- Total project cost: $21,600,000
- Cumulative LTC: ~83.5%
- Preferred rate: 16.0% fixed (8.0% pay / 8.0% accrue)
- Preferred term: 36 months + two 12-month extensions
- Planned expansion: 72 units / 17,100 SF drive-up
- Covered RV spaces: 92 (43,392 SF)
- Submarket walk-in avg: $1.26/SF (StorTrack via List)
Leverage Is the Thesis
Clover Self Storage will not appear on a REIT supplemental as a trophy asset. It belongs in the September 2026 file labeled "operator lift plus expansion optionality."
List Self Storage proved the trade closed. George Smith Partners documented how it was financed. Livonia's planning calendar shows where the square footage goes next. In a month when buyers also paid for Tampa lease-up at 86% occupancy, Clover reminds you that Michigan value-add still clears when the capital stack matches the work required.
Sources
- Weekly Self Storage Transaction Roundup: 9/14/26 – 9/18/26, List Self Storage, September 23, 2026
- Preferred Equity Self Storage Livonia Michigan $4.3M, George Smith Partners, closed August 2026
- Contineo Group Self-Storage Expansion Recommended, City of Livonia agenda summary, August 31, 2026
- RentCafe August 2026 Street Rates, Your CAIO
- MyPlace East Lansing 710-Unit Acquisition, Your CAIO