For Immediate Release
Buchanan Street Partners Acquires Self-Storage Facility in Reno, Nevada
Newport Beach, CA (August 4, 2026) – Buchanan Street Partners (“Buchanan”), a Newport Beach-based real estate investment management firm, has acquired Interstate U-Stor – Ambassador, a stabilized, institutional-quality self-storage facility located at 905 Ambassador Drive in Reno, Nevada, for $20.2 million. The property was marketed by Walter Brauer and Nick Walker of CBRE.
Situated on 5.1 acres, the 107,872-square-foot facility comprises 633 self-storage units, including climate-controlled space and a significant concentration of large, drive-up units. The facility is located along Interstate 80, the primary transportation corridor connecting Reno with Northern California and the Lake Tahoe region. The property was developed in 2002 and remained owner-operated by its original developer until the acquisition. It was more than 90% occupied at closing.
Buchanan plans to rebrand the facility and has engaged StorQuest, operated by the William Warren Group, as third-party property manager. StorQuest manages more than 280 self-storage facilities nationwide and maintains an established presence in the Reno market. New York Life Insurance Company has provided acquisition financing for the transaction.
“This investment provided our investors with the opportunity to acquire a high-quality, stabilized self-storage asset in a growing secondary market,” said Feerooz Yacoobi, senior vice president at Buchanan Street Partners. “In the current capital markets environment, well-located, cash-flowing hard assets of this quality are increasingly difficult to find, and the opportunity was very well received by our investor base.”
“The property’s concentration of large, drive-up units serves a distinct customer profile within the surrounding suburban trade area,” Yacoobi continued. “This product type is in high demand and increasingly difficult to replicate given today’s land, financing, and construction costs. The acquisition aligns well with our strategy of methodically building an institutional-quality self-storage portfolio through stabilized acquisitions, lease-up opportunities, and ground-up development.”
The Reno-Sparks metropolitan area has experienced sustained population growth, supported by net in-migration from California, relative affordability and proximity to the Lake Tahoe recreation corridor. The property is positioned to serve more than 126,000 residents within a five-mile radius and is located approximately four miles from the University of Nevada, Reno campus and 20 miles east of Truckee and the Lake Tahoe region.
Directly across Interstate 80 from the facility is a master planned development encompassing more than 200 acres. Upon completion, Buchanan expects the property to benefit from the additional residential and commercial activity generated.
Buchanan continues to expand its self-storage platform throughout the Western United States through a combination of acquisitions and ground-up development. In addition to the Reno acquisition, the firm has recently acquired or is developing several self-storage properties throughout Northern California. Buchanan, through its affiliated entity Buchanan Mortgage Holdings, LLC, is also an active direct lender providing bridge and construction financing for self-storage investments.
ABOUT BUCHANAN STREET PARTNERS, LP
Buchanan Street Partners is a Newport Beach, CA based real estate investment management firm specializing in core-plus, value-add, and debt investments across multifamily, commercial, and self-storage properties in the Western and Southwestern United States. The company serves a broad range of clients including high-net-worth individuals, family offices and the advisors that serve them. Buchanan’s foundation of success is backed by a track record of results, having invested in over $8 billion of real estate assets since its founding in 1999. The company’s experienced and cohesive team has navigated multiple real estate cycles together. Buchanan balances the pursuit of risk-adjusted returns with preservation of capital to deliver both performance and peace of mind to its investors.
Loans made or arranged pursuant to a California Financing Law License by Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners, LP.