MVP REIT, VRMI, and VRMII secure $5.8 million sale of three parking facilities

MVP REIT Inc. has acquired three independently located parking facilities as part of its agreement to purchase six parking facilities for $13.5 million. The $5.8 million all-cash acquisition closed on August 28. Two of the three parking facilities are located in downtown Memphis, TN. The third parking facility, located on Holmes St. in downtown Kansas City, MO. MVP REIT, along with Vestin Realty Mortgage I Inc. (VRMI) and Vestin Realty Mortgage II Inc. (VRMII), formed three separate limited liability companies to purchase the parking facilities. Which are each owned 44% by VRMI, 51% by VRMII and 5% by MVP REIT. Percentages were based on each party's capital contributions. The two remaining parking facilities in the portfolio are expected to be acquired on or around September 4, 2013. The parking facilities are located in Baltimore, MD and St. Louis, MO.