# Turnbull Equity Sold Storwell Storage in Morgan Hill for $2.675 Million After a 74.2% Gross IRR Over 21 Months

> A 10,380-square-foot Silicon Valley satellite asset traded at $258 per foot after rate, marketing, and lien workflow fixes. The buyer kept Storwell Storage Management as third-party operator, the outcome every value-add sponsor wants from a [September deal sheet](https://www.yourcaio.co/news/marcus-millichap-crowley-space-station-texas-sale-september-2026) full of larger trades.

- URL: https://www.yourcaio.co/news/turnbull-storwell-morgan-hill-2-675-million-sale-september-2026
- Published: 2026-09-18
- Author: David Cartolano (https://www.yourcaio.co/about)
- Category: Industry News
- Property type: Self-Storage
- Tags: Turnbull Equity, Morgan Hill, Value-Add Exit, Storwell Storage, California
- Source: [List Self Storage / Turnbull Equity / Inside Self-Storage](https://listselfstorage.com/us/industry-insights/weekly-self-storage-transaction-roundup-8-28-26-9-05-26/)

## Key Takeaways

- Turnbull Equity sold Storwell Storage in Morgan Hill, California, for $2,675,000 on August 31, 2026, at $258 per net rentable square foot across 10,380 NRSF and 164 drive-up units, per List Self Storage's September roundup.
- Turnbull reported a 74.2% gross internal rate of return over a 21-month hold, raising occupancy from 83% to 96% through revenue management, ECRI, online marketing, centralized call handling, and revised lien procedures.
- The undisclosed buyer retained Storwell Storage Management, Turnbull's third-party management platform, after closing, per Turnbull's September 3, 2026 announcement and Inside Self-Storage's September acquisitions list.
- Matthew McCaffrey of Marcus & Millichap represented the seller; the trade appeared alongside [Fort Pierce's lease-up sale](https://www.yourcaio.co/news/treasure-cove-storage-fort-pierce-sale-september-2026) in Inside Self-Storage's September 2026 acquisitions coverage.
- The exit contrasts with Turnbull's June 2026 [Inland Empire nine-handle cap portfolio buy](https://www.yourcaio.co/news/turnbull-equity-inland-empire-self-storage-portfolio-june-2026) and shows small-bay California assets still reward operational intensity when national REIT narratives focus on expense inflation.

Turnbull Equity sold Storwell Storage in Morgan Hill, California, for $2,675,000 on August 31, 2026, at $258 per net rentable square foot, per List Self Storage. Turnbull reported a 74.2% gross IRR over a 21-month hold after lifting occupancy from 83% to 96% with revenue management, marketing, and lien workflow changes.

The buyer retained Storwell Storage Management as third-party operator, per Turnbull's September 3, 2026 announcement and [Inside Self-Storage's September acquisitions list](https://www.insideselfstorage.com/self-storage-investing-real-estate/self-storage-real-estate-acquisitions-and-sales-september-2026). The trade is a reminder that September's headlines are not only billion-dollar platforms and [Manhattan refis](https://www.yourcaio.co/news/pgim-57-million-manhattan-office-storage-refi-september-2026).

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## What Did Turnbull Actually Sell in Morgan Hill?

Storwell Storage at 16325 Barrett Avenue comprises 10,380 net rentable square feet in 164 drive-up units. List Self Storage classified the closing as a single-asset sale brokered by Marcus & Millichap's Matthew McCaffrey.

Turnbull acquired the asset in 2024 after negotiating a split from a listing marketed as a development play with an adjacent residential parcel, per principal Ryan Brown's September 2026 LinkedIn post describing the deal origin. The operating story is classic value-add: buy below institutional radar, fix rates and occupancy, exit to private capital.

| Detail | Storwell Storage (Morgan Hill) |
|--------|------------------------------|
| Address | 16325 Barrett Ave., Morgan Hill, CA |
| NRSF | 10,380 |
| Units | 164 (drive-up) |
| Sale price | $2,675,000 |
| Price per NRSF | $258 |
| Close date | August 31, 2026 |
| Hold period | 21 months (per Turnbull) |
| Reported gross IRR | 74.2% |
| Occupancy (start / exit) | 83% / 96% |

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## How Did Turnbull Create Value in 21 Months?

List Self Storage attributed the outcome to an operational playbook: revenue management, existing-customer rate increases, rebuilt online presence, paid search, centralized call handling, and revised lien procedures. Turnbull's Storwell Storage Management division ran the asset before and after the operational ramp.

That is the opposite of a passive core trade. National REITs in 2026 are fighting [4.4% same-store expense growth](https://www.yourcaio.co/news/self-storage-sector-stabilizes-q2-2026-scotsman-september-2026) while Extra Space grew Q2 same-store NOI partly by cutting expenses. Turnbull's Morgan Hill exit shows what a focused sponsor can do on a sub-11,000-square-foot asset when street rates and marketing were still fixable.

StorTrack market data in List Self Storage's roundup put Morgan Hill walk-in averages near $2.47 per square foot and online averages near $2.23, with median household income above $181,000 in the cited trade area snapshot. Silicon Valley satellite economics reward occupancy lifts when supply per capita is elevated but incomes support rate.

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## Why Did the Buyer Keep Storwell as Manager?

Inside Self-Storage reported the private investment group buyer retained Storwell Storage Management post-close. For Turnbull, that is the strategic win: prove the management platform, not just the equity flip.

Third-party management retention de-risks the buyer's first 90 days and gives Turnbull recurring fees after the equity exit. It mirrors how [SecureSpace kept operating density plays](https://www.yourcaio.co/news/securespace-deer-park-long-island-cubesmart-acquisition-june-2026) while institutional buyers underwrite infill.

For competitors, the lesson is operational credibility travels with the asset. A buyer who inherits 96% occupied units with the team that built the ramp is buying cash flow, not a science project.

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## Where Does Morgan Hill Sit in September 2026 Deal Flow?

Inside Self-Storage's September 2026 roundup placed Morgan Hill beside [Treasure Cove's Fort Pierce sale](https://www.yourcaio.co/news/treasure-cove-storage-fort-pierce-sale-september-2026) at the value-add end of the market. Fort Pierce traded as a lease-up story; Morgan Hill traded as a stabilized small bay with a documented IRR.

The same month brought [454 units in Melissa, Texas](https://www.yourcaio.co/news/uplift-self-storage-melissa-texas-454-unit-sale-september-2026), [859 units in Joliet for Inland](https://www.yourcaio.co/news/inland-devon-joliet-illinois-859-unit-acquisition-september-2026), and [Glacier Global's nearly $15 million Rochester conversion flip](https://www.yourcaio.co/news/glacier-global-greece-mall-sears-storage-sale-september-2026). Liquidity is wide, but underwriting differs by asset size and operational stage.

Turnbull's June 2026 [Inland Empire portfolio at a reported 9.1% going-in cap](https://www.yourcaio.co/news/turnbull-equity-inland-empire-self-storage-portfolio-june-2026) shows the same sponsor buying yield in California at a larger scale. Morgan Hill shows the exit math when execution compresses a short hold.

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## The Numbers Worth Writing Down

- Sale price: **$2,675,000**
- NRSF: **10,380**
- Units: **164 drive-up**
- Price per NRSF: **$258**
- Close date: **August 31, 2026**
- Reported gross IRR: **74.2%** (21-month hold)
- Occupancy change: **83% to 96%**
- Broker: **Matthew McCaffrey, Marcus & Millichap**
- Manager retained: **Storwell Storage Management**

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## Small-Bay Operations Still Print

Turnbull's Morgan Hill sale will not change REIT guidance. It documents what September 2026 capital rewards: measurable NOI growth, a manager the buyer trusts, and a brokered exit with a disclosed yield story even when the buyer stays anonymous.

Sponsors sitting on 80% occupied suburban pads should compare their playbook to Turnbull's 13-point occupancy gain, not to [Public Storage's Canadian headline](https://www.yourcaio.co/news/public-storage-canada-acquisition-closes-september-2026). The sector's mega-deals set the tone. The Morgan Hills pay the bills.

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## Sources

- [Weekly Self Storage Transaction Roundup: 8/28/26 – 9/05/26](https://listselfstorage.com/us/industry-insights/weekly-self-storage-transaction-roundup-8-28-26-9-05-26/), List Self Storage, September 2026
- [Turnbull Equity Sells Morgan Hill Facility for $2.68MM After 74.2% Gross IRR](https://news.theregistrysf.com/turnbull-equity-sells-10000-sqft-morgan-hill-self-storage-facility-for-2-68mm-after-74-2-gross-irr/), The Registry, September 1, 2026
- [Self-Storage Real Estate Acquisitions and Sales: September 2026](https://www.insideselfstorage.com/self-storage-investing-real-estate/self-storage-real-estate-acquisitions-and-sales-september-2026), Inside Self-Storage, September 11, 2026
- [PGIM Manhattan Refi](https://www.yourcaio.co/news/pgim-57-million-manhattan-office-storage-refi-september-2026), Your CAIO
- [UpLift Melissa Sale](https://www.yourcaio.co/news/uplift-self-storage-melissa-texas-454-unit-sale-september-2026), Your CAIO

## Frequently Asked Questions

### What was the sale price of the Morgan Hill Storwell facility in 2026?

Turnbull Equity sold Storwell Storage at 16325 Barrett Avenue in Morgan Hill, California, for $2,675,000 on August 31, 2026, per List Self Storage. The 10,380-square-foot, 164-unit property traded at $258 per net rentable square foot.

### What return did Turnbull Equity report on the Morgan Hill sale?

Turnbull Equity stated the Morgan Hill sale achieved a 74.2% gross IRR over a 21-month hold period, with occupancy increasing from 83% to 96% during ownership, per the firm's September 3, 2026 post and List Self Storage transaction data.

### Who manages the Morgan Hill property after the sale?

The buyer, described as a private investment group in Inside Self-Storage's September 2026 roundup, retained Storwell Storage Management as third-party manager after closing. Turnbull operates that management division separately from its private equity acquisitions.

### Who brokered the Morgan Hill Storwell sale?

Matthew McCaffrey of Marcus & Millichap represented Turnbull Equity in the sale, per Turnbull's announcement and Inside Self-Storage's September 2026 acquisitions report.

### How does this Morgan Hill exit compare to other September 2026 deals?

The $2.675 million Morgan Hill trade is a small-bay value-add exit, not a portfolio rollup. September 2026 also saw [Inland's 859-unit Joliet buy](https://www.yourcaio.co/news/inland-devon-joliet-illinois-859-unit-acquisition-september-2026), [Melissa, Texas, UpLift sale](https://www.yourcaio.co/news/uplift-self-storage-melissa-texas-454-unit-sale-september-2026), and [PGIM's $57 million Manhattan refi](https://www.yourcaio.co/news/pgim-57-million-manhattan-office-storage-refi-september-2026).

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Cite as: David Cartolano, "Turnbull Equity Sold Storwell Storage in Morgan Hill for $2.675 Million After a 74.2% Gross IRR Over 21 Months," YourCAIO.co, 2026-09-18, https://www.yourcaio.co/news/turnbull-storwell-morgan-hill-2-675-million-sale-september-2026