Andover Properties Acquires DFW Storage Facility
The acquisition marks the company’s 16th investment in the area.
7433 Fort Worth Drive. Image courtesy of Andover Properties
Andover Properties has acquired a 197,000-square-foot facility in Argyle, Texas, set to be rebranded under Storage King USA. A private individual sold the 2015-built property, Yardi Matrix data shows.
Spanning 22 acres, the facility comprises a mix of non-climate and climate-controlled units, varying from 25 to 700 square feet with gated entry, 24/7 security camera monitoring, concrete driveways and LED lighting. On-site amenities include covered and enclosed RV and boat parking, as well as open parking.
Initially constructed as a 68,418-square-foot facility, the property was expanded twice and stabilized in each phase. The company plans to continue the expansion of the property as part of its business plan, mentioned Andover’s Director of Acquisitions Michael Wachsman in prepared remarks.
Located at 7433 Fort Worth Drive, the facility is one of the four available within a 3-mile radius, offering residents 7.8 net rentable square feet per capita, slightly above the 7 national average. There is currently one planned property in the area that will add 40,900 square feet to the existing inventory, Yardi Matrix data shows.
The Argyle transaction marks the company’s 16th acquisition in the Dallas-Fort Worth metro. Currently, Storage King USA owns 129 storage facilities that total 9.9 million rentable square feet across 16 states. Recently, the company acquired another 76,000-square-foot property in Garland, Texas, from Henry S. Miller Cos.
