HPI Real Estate Acquires San Antonio Self Storage
The deal marks the third purchase in the company’s second self storage fund.
HPI Real Estate has acquired a 93,050-square-foot self storage facility in San Antonio. The deal marks the third purchase in the company’s second self storage fund, which was launched late last year. The buyer owns five other facilities in the metro, all of which are recently built ground-up developments.
Completed in 2016, the property opened in 2017 and is managed by Extra Space. According to Yardi Matrix, the construction was financed in 2016 with a $6 million loan from The Bank of San Antonio. The two-story facility features video monitoring, climate control, drive-up access and retail space.
Located at 5611 Lone Star Parkway on a 2-acre site, the property is within 7 miles of Interstate 410. There are at least 8 other self storage facilities totaling nearly 740,000 square feet within a 3-mile radius, Yardi Matrix data shows. Downtown San Antonio is 16 miles from 5611 Lone Star.
In October 2020, HPI Residential opened Rhythm Apartments, a 262-unit Class A community in Austin, Texas. The developer financed the project with a three-year, $25.1 million construction loan from Texas Capital Bank in December 2018.