Merit Hill Picks Up Houston Self Storage Facility
CubeSmart is managing the property.
HP Storage, a 59,935-square-foot self storage asset in Houston, has changed hands. The LeClaire-Schlosser Group, a division of Marcus & Millichap, brokered the deal on behalf of the seller and procured the buyer.
New York-based Merit Hill Capital is the new owner of the facility, according to public records. CubeSmart will oversee management.
Located at 6140 N. Sam Houston Parkway W., the 314-unit property came online in 2016 on 4.5 acres, with a second phase completed in 2019. The asset sits just off the Sam Houston Parkway, State Highway 249 and the Texas State Highway Beltway 8, offering access across the Houston area.
HP Storage is one of the 14 self storage facilities within a 3-mile radius, offering residents 9.2 net rentable square feet per capita.
Houston’s average advertised asking rents were up 0.1 percent month-over-month as of March, according to the latest Yardi Matrix self storage report. The national average had the same 0.1 percent uptick, but despite this return to growth following declines since June last year, the increase remains below typical seasonal gains.
A closer look at HP Storage
The property encompasses five single-story structures and one three-story building. The multi-story component comprises climate control units on the first and second floor, whereas the third floor features flex office and storage units. HP Storage also has 90 drive-up non-climate units and 17 container storage units. Units range from 25 to 400 square feet.
Amenities include gated access, loading dock, digital keypad entry, on-site management, RV and boat storage, covered and uncovered parking, as well as video surveillance. In addition, the property is elevator-served.
Senior Managing Director Dave Knobler, Director Mixson Staffel and Executive Managing Director Charles LeClaire oversaw the deal on behalf of the seller.
