# Storage Rentals of America Acquires 95,660-SF At Home Storage in Belgrade, Montana, Near Bozeman Yellowstone Airport > Mason Gates and Ben Tracy sourced SROA as the buyer on a four-phase developer exit that began in 2021. The deal extends SROA's Gallatin Valley cluster while private platforms keep closing despite flat national street rates. - URL: https://www.yourcaio.co/news/sroa-at-home-storage-belgrade-bozeman-acquisition-october-2026 - Published: 2026-10-19 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Acquisitions - Tags: SROA Capital, Belgrade Montana, Bozeman MSA, Matthews, Storage Rentals of America - Source: [Matthews](https://www.matthews.com/press-release/95660-nrsf-self-storage-facility-trades-in-bozeman-msa) ## Key Takeaways - Matthews announced October 13, 2026 that it brokered the sale of At Home Storage at 1205 Rizzo Lane in Belgrade, Montana, totaling 95,660 net rentable square feet across 601 units on approximately 7.02 acres. - Storage Rentals of America (SROA) was directly sourced as buyer and closed with the first buyer placed in escrow, per Matthews, expanding an existing Bozeman MSA footprint near Bozeman Yellowstone International Airport. - The seller, a local developer, built the property in four phases beginning in 2021 and brought the asset to market to capitalize on the investment after lease-up, according to Matthews. - Matthews cited Belgrade population growth of more than 25% since 2020 in the Gallatin Valley, framing remaining operational upside as the underwriting hook that won buyer credibility early. - The trade posts the same month [Storable's Q3 Pulse](https://www.yourcaio.co/news/storable-q3-2026-industry-pulse-retention-october-2026) shows flat national move-in rates and [SSA operators flag rate growth anxiety](https://www.yourcaio.co/news/ssa-interest-rate-impact-survey-october-2026), yet large private platforms keep buying in high-growth Mountain West markets. **Matthews** brokered **Storage Rentals of America's** acquisition of **At Home Storage** at **1205 Rizzo Lane** in **Belgrade, Montana**, a **95,660-net-rentable-square-foot**, **601-unit** facility on **7.02 acres**, in a deal announced **October 13, 2026**. **Belgrade's population has risen more than 25% since 2020**, per Matthews, in a Gallatin Valley market anchored by **Bozeman Yellowstone International Airport**. SROA sourced as first buyer in escrow is the headline for deal velocity: no prolonged marketing drift, no price discovery auction in the trade press. The seller was a local developer exiting a four-phase build that started in **2021**. --- ## What Did Matthews Disclose About the Belgrade Trade? Matthews positioned the sale as a specialized disposition for a developer who completed the value-creation arc: | Detail | Figure (per Matthews, Oct. 13, 2026) | |--------|--------------------------------------| | Address | 1205 Rizzo Lane, Belgrade, MT | | Net rentable area | 95,660 SF | | Units | 601 | | Land | ~7.02 acres | | Buyer | Storage Rentals of America (SROA) | | Seller | Local developer (four phases from 2021) | | Broker team | Mason Gates, Ben Tracy; BOR Brian Brockman | > "Ultimately, our articulation of the remaining operational upside, grounded in defensible underwriting, established credibility with the buyer early in the transaction." - **Mason Gates, Associate Vice President, Matthews** That quote matters for 2026 underwriting: buyers are not chasing stories; they want credible rent and expense gaps they can actually capture after rebranding and centralized revenue management. --- ## Why Does SROA Want More Square Footage in the Bozeman MSA? SROA entered the trade with existing Bozeman-area operations. Belgrade is not a greenfield market bet; it is **cluster density** in a high-migration MSA where housing costs and remote-work inflows have strained residential storage. Matthews tied demand to **25%+ population growth in Belgrade since 2020**. That stat aligns with the Mountain West migration narrative that kept [private capital active through 2025 and 2026](https://www.yourcaio.co/news/sroa-capital-fund-x-750-million-july-2026) even as coastal street rates softened. SROA's public footprint under **Storage Rentals of America** branding now lists the Rizzo Lane address online, signaling operational integration rather than a passive leaseback to the developer. --- ## How Does a Montana In-Fill Buy Compare With October 2026 National Fundamentals? National data looks tepid. [Storable's Q3 2026 Pulse](https://www.yourcaio.co/news/storable-q3-2026-industry-pulse-retention-october-2026) shows **78.1%** occupancy and flat **$109.33** average **10x10** move-in rates. [BMS/Yardi Matrix](https://www.yourcaio.co/news/bms-fall-2026-self-storage-street-rates-supply-outlook-october-2026) documented **1.9%** year-over-year advertised rate declines through August 2026. REIT equities reflect the tension: [UBS cut Extra Space's target](https://www.yourcaio.co/news/ubs-extra-space-price-target-152-october-2026) days before Q3 earnings. Yet private platforms keep closing: - [Andover Properties and Heitman's 106-property JV](https://www.yourcaio.co/news/andover-properties-heitman-106-property-joint-venture-october-2026) - [StorageMart's five-facility Q3 expansion](https://www.yourcaio.co/news/storagemart-five-facilities-q3-2026-mo-ks-fl-october-2026) - [Five Star's fourth Nebraska site](https://www.yourcaio.co/news/five-star-storage-adams-street-lincoln-fourth-nebraska-october-2026) Belgrade fits the **selective growth** playbook: buy where population and income trends outrun new supply, then run the asset on a platform stack rather than mom-and-pop spreadsheets. --- ## What Should Operators Learn From a Developer Exit in 2026? The seller profile is the 2021-2022 development cohort [SSA mortgage brokers warned about](https://www.yourcaio.co/news/ssa-interest-rate-impact-survey-october-2026): facilities coming off initial lease-up into a world of higher debt costs and picky buyers. This Belgrade owner chose **sale over refinance**, monetizing phased construction work while SROA still paid for strategic fit. Other developers may face the same fork if maturity walls arrive before street rates recover. For buyers, Gates' emphasis on **defensible upside** is the underwriting lesson. Generic "mark-to-market" slides do not win first-buyer escrow in October 2026. Local rent growth, expense normalization, and branding lift need numbers behind them. --- ## The Numbers Worth Writing Down - **Oct. 13, 2026:** Matthews press release on Belgrade closing - **95,660 NRSF** and **601 units** at **1205 Rizzo Lane** - **7.02 acres** near **Bozeman Yellowstone International Airport** - **25%+** Belgrade population growth since 2020 (Matthews) - **Four development phases** beginning **2021** - **Buyer:** SROA; **first buyer in escrow** per Matthews - **National context:** flat move-in rates and active private deal flow in the same month --- ## Cluster Markets Still Clear at Institutional Scale Belgrade is not a billion-dollar REIT merger. It is the boring work that builds national platforms: one **95,660-square-foot** add in a market SROA already knows, brokered with a buyer sourced early and a seller who timed exit after phased delivery. If you are modeling Mountain West acquisitions against [retention-heavy national demand](https://www.yourcaio.co/news/storable-q3-2026-industry-pulse-retention-october-2026), prioritize MSAs where population growth still outpaces storage square feet per capita. Need help stress-testing rent growth against today's rate stack? [Reach out to Your CAIO](https://www.yourcaio.co/contact). --- ## Sources - [95,660 NRSF Self-Storage Facility Trades in Bozeman MSA](https://www.matthews.com/press-release/95660-nrsf-self-storage-facility-trades-in-bozeman-msa), Matthews, October 13, 2026 - [Storage Rentals of America Belgrade facility page](https://www.sroa.com/find-storage/montana/belgrade/1205-rizzo-ln), SROA - [Storable Q3 2026 Industry Pulse Retention](https://www.yourcaio.co/news/storable-q3-2026-industry-pulse-retention-october-2026), Your CAIO - [SSA Interest Rate Impact Survey October 2026](https://www.yourcaio.co/news/ssa-interest-rate-impact-survey-october-2026), Your CAIO - [SROA Capital Fund X $750 Million](https://www.yourcaio.co/news/sroa-capital-fund-x-750-million-july-2026), Your CAIO ## Frequently Asked Questions ### Who bought At Home Storage in Belgrade, Montana? Storage Rentals of America, through SROA Capital, acquired At Home Storage at 1205 Rizzo Lane in Belgrade, Montana, per Matthews' October 13, 2026 press release. Mason Gates and Ben Tracy represented the seller; Brian Brockman was broker of record. ### How large is the Belgrade At Home Storage facility? The property comprises 95,660 net rentable square feet in 601 units on approximately 7.02 acres near Bozeman Yellowstone International Airport, according to Matthews. ### Why did the developer sell At Home Storage in 2026? Matthews said a local developer who phased in the asset beginning in 2021 marketed the facility to capitalize on the investment after development and lease-up. Gates emphasized articulating remaining operational upside with defensible underwriting to establish buyer trust. ### How does this deal fit SROA's broader acquisition strategy? SROA already operated in the Bozeman MSA and treated Belgrade as a complementary in-fill add, per Matthews. The platform has been active nationally through Fund X fundraising and portfolio buys such as [StorageMart-scale expansion peers](https://www.yourcaio.co/news/storagemart-five-facilities-q3-2026-mo-ks-fl-october-2026) in other regions. ### Was the Belgrade sale price disclosed? Matthews' October 13, 2026 release did not publish a dollar price. Trade press syndicating the closing in mid-October 2026 also reported the buyer and size metrics without a public price. --- Cite as: David Cartolano, "Storage Rentals of America Acquires 95,660-SF At Home Storage in Belgrade, Montana, Near Bozeman Yellowstone Airport," YourCAIO.co, 2026-10-19, https://www.yourcaio.co/news/sroa-at-home-storage-belgrade-bozeman-acquisition-october-2026