Merit Hill Capital Expands Albuquerque Footprint
The 586-unit property now operates under the Extra Space Storage brand.
Merit Hill Capital has acquired Sandia Skies Self Storage, a 74,000-rentable-square-foot storage property in Albuquerque, N.M., according to Bernalillo County records. A private individual sold the asset, now under the Extra Space Storage brand.
The facility was subject to a $6.3 million loan in 2016, provided by PNC Bank, Yardi Matrix data shows.
Vice President & Director Simon Assaf and Associate Ben Tracy with Matthews Real Estate Investment Services represented the seller and handled the transaction.
The 3.5-acre property originally came online in 1991 and included 18 buildings; the second phase was completed in 2009, with the addition of 11 buildings. The 586 storage units range between 50 and 300 square feet. Amenities include video surveillance, electronic gate access and on-site management. The facility was 99 percent occupied at the time of the transaction.
The storage facility is located at 6801 Palomas Ave. NE., near Interstate 25, less than 10 miles from downtown Albuquerque. The property is one of the 23 available within a 3-mile radius, offering residents 14.6 rentable square feet per capita.
Merit Hill Capital has eight storage properties under its ownership in Albuquerque, representing 456,481 square feet of space in its overall portfolio, according to Yardi Matrix data. Founded in 2016, the company operates 291 properties in 34 states across the U.S. and has a total footprint of more than 19 million square feet.