Extra Space Storage Buys 709-Unit Austin Asset

Oak Hill Self Storage. Image courtesy of JLL

Extra Space Storage, a national REIT, has acquired Oak Hill Self Storage, a 709-unit, 93,813-rentable-square-foot self-storage property in Austin. The seller, The Jenkins Organization, was also the facility’s developer working with Arco/Murray as general contractor. JLL marketed the asset on behalf of the seller and procured the buyer.

Completed in 2019, the four-story building located on a 7.3-acre site incorporates units ranging from 25 to 400 square feet, 97 percent of which are climate controlled. On-site amenities encompass video surveillance, drive-up access, automated gate and oversized elevators for upper floor access.

Situated off a major road at 7901 State Highway 71, the property is 11 miles from downtown Austin. Its location provides connectivity to Highway 290 and Interstate 35. Yardi Matrix data shows that it is one of four self-storage facilities within a 3-mile radius totaling 4.4 net rentable square feet per capita.

Senior Managing Directors Brian Somoza and Steve Mellon, along with Directors Adam Roossien and Matthew Wheeler, led the JLL team that represented the seller. In prepared remarks, Mellon emphasized the strength of the Austin market, citing outsized job growth and in-migration.

According to a recent self storage report, 10×10 climate controlled street rates in metro Austin were down 2 percent year-over-year through November 2022. However, that came in line with overall national performance, with rent growth decelerating or rates contracting, but still remaining healthy, above pre-pandemic levels.