Las Vegas MSA Self Storage Trades
HPI Real Estate sold the recently developed property.
Morningstar Properties has acquired HPI Henderson Storage, 1,263-unit facility in Henderson, Nev. Austin-based HPI Real Estate was the seller of the 102,699-square-foot property.
According to Yardi Matrix data, the asset traded for $19.5 million and was subject to an acquisition loan provided by First-Citizens Bank & Trust Co.
Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller and procured the buyer for HPI Henderson Storage.
The Class A self storage facility at 1650 W. Horizon Ridge Parkway came online in 2022. The property comprises three two-story buildings, spread across 4 acres, and features climate-controlled units ranging from 25 to 300 square feet. On-site amenities include 24-hour video surveillance, drive-up access, wine storage, as well as packing and moving supplies.
The property is 16.5 miles from Las Vegas and has access to Interstate 215. The facility is one of the 12 self storage assets within a 3-mile radius, offering residents 9.9 rentable square feet per capita.
Since 1981, Morningstar Properties has developed, acquired and operated nearly 250 self storage facilities across the country, totaling more than 15 million square feet. At the beginning of 2022, the company formed a joint venture with Starwood Real Estate Income Trust Inc., managed by a subsidiary of Starwood Capital Group. The partnership marked the REIT’s entry into the self storage market, which included the recapitalization of 25 properties owned by Morningstar, as well as the acquisition of storage assets under the Morningstar Storage brand.