Austin-Area Self Storage Portfolio Changes Hands
The two properties comprise 1,000 units.
Solid Ground Storage Portfolio, a two-property self storage collection totaling 126,038 rentable square feet, has changed hands in Elgin, Texas. The LeClaire-Schlosser Group—a Marcus & Millichap division—represented the seller, a private individual, and procured the buyer. The buyer remains undisclosed, the brokerage responded when contacted by Multi-Housing News.
“There’s a tremendous amount of interest for well located, high quality self storage assets. They trade at relatively low cap rates, but investors like the stability these assets provide,” Dave Knobler, senior manager director of investments with the brokerage group, added for MHN.
Located at 505 W. U.S. Highway 290 and 1210 U.S. Highway 290, the properties total 1,087 units across 8 acres. They are in an Opportunity Zone, with easy access to the Austin, Texas, metro area. Downtown Austin is about 25 miles west.
READ ALSO: Self Storage Industry Trends
There are five self-storage properties within a 3-mile radius of the portfolio, the same data provider shows. These facilities provide 13.05 net rentable square feet per capita.
Austin’s advertised rents reached $13.90 as of March, according to a recent Yardi Matrix report, up 0.4 percent month-over-month. The metro remained below the national average of $16.07.
Two self storage facilities near Austin
The seller developed the first property in the portfolio and part of the second.
The facility at 505 W. U.S. Highway 290 encompasses 81,878 rentable square feet and 721 units across four buildings developed between 2015 and 2023. Units range from 25 to 480 square feet.
The property at 1210 U.S. Highway 290 features 44,160 rentable square feet and 366 units across nine buildings. It took shape in multiple phases from 1997 to 2018. Units range from 25 to 375 square feet.
The 505 W. U.S. Highway 290 asset also includes climate-controlled, covered and uncovered parking units, while the facility at 1210 U.S. Highway 290 has RV and boat storage. A full-service, onsite management office serves both properties. Amenities include gated entry, digital keypad access, 24/7 video surveillance, motion-sensor LED lighting, roll-up doors and concrete driveways.
Senior Managing Director Dave Knobler, Director Mixson Staffel, Executive Managing Director Charles “Chico” LeClaire and Managing Director Jon Danklefs negotiated on behalf of the seller. Some of the team members were recently instrumental in another Texas sale, involving a 59,935-square-foot self storage facility in Houston.
