HPI Real Estate Buys Dallas-Area Storage Portfolio

DFW Self Storage. Image courtesy of JLL Capital Markets

HPI Real Estate Services & Investments has acquired a three-property self storage portfolio totaling 1,743 units across more than 200,000 square feet in the Dallas-Fort Worth area.

A joint venture between Harrison Street and Advantage Self Storage sold the assets. Completed in 2021, the storage facilities operate under the Extra Storage brand.

According to Yardi Matrix data, Texas Capital Bank originated a $22.6 million loan for the portfolio transaction.

JLL Capital Markets represented the seller and procured the buyer. The team included Managing Directors Brian Somoza and Steve Mellon, Directors Matthew Wheeler and Adam Roossien, alongside Analyst Jake Kinnear.

The largest facility, comprising nearly 80,000 square feet, sits on 3.4 acres. The property includes six two-story buildings with climate and non-climate-controlled units, ranging from 25 to 300 square feet. Located at 8060 Precinct Line Road in Colleyville, Texas, the property is one of the 10 available facilities within a 3-mile radius, offering residents 8.6 rentable square feet per capita.

The property at 6818 FM 2499 Road in Denton, Texas, comprises more than 70,000 square feet across 3 acres. The four two-story buildings offer climate and non-climate-controlled units, ranging from 25 to 300 square feet. The facility is one of the seven properties within a 3-mile radius, offering residents 6.2 rentable square feet per capita.

The third facility, at nearly 60,000 square feet, sits on 3.3 acres and includes four buildings with climate and non-climate-controlled units, ranging from 25 to 300 square feet. Located at 864 E. Belt Line Road, the property is one of the eight available within a 3-mile radius, offering residents 6.1 rentable square feet per capita.

All facilities include on-site amenities, such as 24-hour video surveillance, electronic gate access and drive-up access, keypad entry and individual unit locks.

HPI Real Estate’s storage portfolio

HPI Real Estate is active in several markets across the U.S., including Dallas-Fort Worth, San Antonio and Houston in Texas, as well as Nevada and Florida, among other states. According to Yardi Matrix data, the company currently owns 25 self storage properties, totaling approximately 2.6 million square feet of space.

Last year, the company purchased a 93,050-square-foot facility in San Antonio, Texas, as part of its second self storage fund. A more recent acquisition closed this spring, when HPI bought an 888-unit property in Jacksonville, Fla., to be managed by CubeSmart.