Extra Space Storage Buys 952-Unit Austin Facility
JLL Capital Markets facilitated the transaction on behalf of the seller.
Extra Space Storage has acquired Woodland Self Storage, a class A 92,288-square-foot facility in Austin, Texas., from Endeavor Real Estate Group. JLL Capital Markets represented the seller.
Completed in 2019, the property became subject to an $11.1 million loan originated by Skymar Capital Corp. in 2020, according to Yardi Matrix data.
Spanning 2.3 acres, the four-story facility encompasses 952 climate-controlled units, ranging from 25 square feet to 300 square feet. On-site amenities include RV and boat parking, electronic access control, secure fencing, elevator access, 24-hour video surveillance and a customer service office. At the time of the transaction, the property was 70 percent occupied.
Located at 1620 S. Interstate 35 Frontage Road at the intersection with Woodland Avenue, the property is 3.5 miles from downtown Austin. The facility is one of the 31 available within a 3-mile radius, an area that offers residents 11.9 rentable square feet per capita, the same data provider shows. Currently, there are 39 properties in various stages of development in this largely penetrated market, set to add approximately 2 million rentable square feet to existing inventory.
The JLL Capital Markets team included Managing Directors Steve Mellon and Brian Somoza, along with Directors Adam Roossien and Matthew Wheeler.
At the beginning of the year, Extra Space Storage also acquired a 93,715-square-foot asset in the Clear Lake area of southeast Houston.