Portfolio

Houston MSA Self Storage Portfolio

22394 W FM 1097 Rd Montgomery, United States 77356-7359
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Building Area

Property Description

Address 1: 22394 W FM-1097, Montgomery, TX

Address 2: 28823 Birnham Woods Dr, Spring, TX

Address 3: 13744 E Sam Houston Pkwy N, Houston, TX

Address 4: 6160 Delaware St, Beaumont, TX

Address 5: 2695 County Rd 58, Manvel, TX


Rentable Square Feet: 476,533

Number of Units: 3,700

Economic Occupancy: 51%

Physical Occupancy: 89%

Offer Deadline: June 4, 2021

Investment Highlights

Five New, Class A, Self Storage Assets: The offering provides the opportunity to acquire five institutional quality self storage facilities which were constructed from 2016 to 2018. Four of the properties are located in the Houston MSA (Montgomery, Spring, Houston, Manvel) and one is located in Beaumont, approximately 75 miles east of Houston. The facilities were constructed to Class A standards with all modern features and amenities and are market leaders in terms of overall quality.


Existing Cash Flow with Upside: With an economic occupancy of approximately 51% and a physical occupancy of approximately 89% the portfolio is rapidly approaching stabilization and is poised for additional occupancy gains and revenue growth through continued optimization of street rates and rate increases to existing tenants.


Economies of Scale: The proximal locations result in an offering that is easily integrated into an existing self storage portfolio or entrance into the Houston/Southeast Texas self storage market with scale.


Strategic Locations in Growing, Affluent Submarkets: The properties are situated in suburban submarkets with strong income and population growth trends in locations with high visibility and easy access. Across the portfolio, the average annual household income is over $115,000 and projected population growth is 2.37% per year for the next five years.


Post-Covid Texas Economic Recovery: The post-Covid economy has been exceptional in the State of Texas, with nearly 100,000 jobs created statewide and over 26,000 jobs created in Greater Houston in March 2021. Increased activity resulting from the relaxing of Covid related restrictions has created increased demand for gasoline and other petroleum products, pushing oil prices above $60 a barrel and subsequently generating demand for 7,500 new oil and gas industry jobs.

Last Updated Date: 10 May 2021
Steve Mellon
Steve Mellon
Managing Director, Capital Markets
Brian Somoza
Brian Somoza
Managing Director, Capital Markets
License details
CA-01510519

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Last Updated Date: 10 May 2021

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