Andover Properties Buys 2 Houston-Area Storage Facilities
The assets will operate under the Storage King USA flag.
Andover Properties has expanded its Texas portfolio with the acquisition of two self storage properties, totaling 102,410 square feet, in the Greater Houston area. Steelcreek Management was the seller of the Class B assets, according to Yardi Matrix data. Previously Watson & Taylor Self Storage, the properties will now operate under the Storage King USA brand.
In April 2022, the facilities were subject to a loan of $30.6 million originated by Morgan Stanley, as part of a portfolio transaction, the same data provider shows.
Completed in two phases between 1974 and 1979, the 3.1-acre Baytown, Texas, property comprises 55,160 square feet across five buildings and features 401 non-climate-controlled units ranging from 25 to 300 square feet. The facility provides parking for trailer and RV, drive-up access, video surveillance, keypad-controlled access, as well as moving and packing supplies.
Located at 1411 W. Cedar Bayou Lynchburg, the property is some 25 miles east of downtown Houston and is one of the 14 available within a 3-mile radius, offering residents 17.9 rentable square feet per capita.
The 2.6-acre Galveston, Texas, storage facility came online in 1970. The property comprises 47,250 square feet across six buildings and features 416 climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include storage space for boat and RV, video surveillance, drive-up units and moving and packing supplies.
The property is located at 828 60th St., some 49 miles southeast of downtown Houston, and is one of nine storage facilities available within a 3-mile radius, offering residents approximately 10 rentable square feet per capita.
As of April, the average rate in Houston for standard-size 10×10 units declined 4 percent for climate-controlled units, while rates for the same-sized non-climate-controlled ones registered a 3 percent decrease year-over-year, a recent Yardi Matrix report shows.
Andover’s Texas self storage footprint
With the current two acquisitions, Storage King USA has 53 facilities under its brand in Texas and registers a total of 157 self storage properties across 18 states. At the beginning of the year, Andover Properties acquired Move-It Storage, a 50,250-rentable-square-foot facility in Dallas. In the second half of last year, the company expanded its Houston footprint as well, with the purchase of a four-property portfolio totaling 429,169 rentable square feet.