Andover Properties Buys Houston-Area Storage Portfolio
The four facilities total 2,199 units.
Andover Properties has acquired a portfolio of four storage facilities, totaling 429,169 rentable square feet, in the Greater Houston Area, Montgomery and Harris County records show. According to Yardi Matrix data, the properties were previously owned by private individuals.
Senior Managing Director Dave Knobler and Executive Managing Director Charles LeClaire of Marcus & Millichap represented the sellers and secured the buyer for the 2,199-unit transaction.
Drive-Up Self Storage is the largest asset of the four, at 156,252 rentable square feet, built in three phases between 1983 and 2003. The facility encompasses a mix of non-climate and climate-controlled units, ranging from 24 to 500 square feet. On-site amenities include drive-up access and RV and boat parking. Located at 4624 Garth Road, in Baytown, Texas, it is one of the 15 facilities available within a 3-mile radius, offering residents 18.1 rentable square feet per capita.
The second asset in the suburban area is Great Spaces Storage, which offers 105,975 rentable square feet and had four buildings added in 2016. The facility encompasses 15 buildings in total and offers non-climate and climate-controlled units, ranging from 25 to 630 square feet. Located at 28543 FM 2978 Road in Magnolia, Texas, it is one of the five facilities available within a 3-mile radius, offering residents 9.3 rentable square feet per capita.
Mini City Self Storage is the largest urban asset of the portfolio, at 112,200 rentable square feet, and was completed in 1976. The facility encompasses 13 buildings across 6 acres and offers non-climate-controlled units ranging from 25 to 960 square feet. Located at 9000 Westpark Drive in Houston, the property is one of the 28 available within a 3-mile radius, offering residents 9.8 rentable square feet per capita.
Mr. Self Storage has 103,569 rentable square feet and was completed in 1976. The five-building facility encompasses a mix of non-climate and climate-controlled units, ranging from 25 to 300 square feet. Located at 13001 Veterans Memorial Drive in Houston, the property is one of the 21 available facilities within a 3-mile radius, offering residents 10 rentable square feet per capita.
Andover’s expansion in Texas self storage
Andover Properties has made several self storage purchases since the beginning of 2022 in several largely penetrated markets in Texas. The company has expanded its footprint in the Dallas-Fort Worth Area, with the acquisition of a 76,000-square foot facility in Garland, Texas, and a 197,000-square-foot facility in Argyle, Texas, which marked the company’s 16th acquisition in DFW. Both properties were rebranded as Storage King USA.
Another asset purchased and rebranded under the same name was Crossroads Self Storage, an 89,000-square-foot facility in College Station, Texas. Marcus & Millichap brokered another transaction for Andover Properties, with the acquisition of two properties in metro San Antonio, totaling 76,670 square feet.