Andover Properties Buys Dallas-Area Self Storage Portfolio

Rebranded as Storage King USA, the five assets total 1,736 units.
774 Park Blvd. in Wylie, Texas

Andover Properties has purchased a five-property self storage portfolio in the Dallas-Fort Worth suburbs of Aubrey, Crowley and Wylie. Bellomy & Co. represented the seller, a private Dallas investor, in the transaction.

The assets will be rebranded under the Andover Properties’ Storage King USA brand. The facilities total 278,840 rentable square feet comprising 1,736 storage units and 329 storage parking spaces.

The Aubrey facility is located at 10550 Fishtrap Road and encompasses 50 to 300 square feet of storage spaces. Parking spaces for RVs and boats range from 150 to 400 square feet.

The Crowley property at 1908 FM 1187 includes 25- to 800-square-foot units and 220- to 330-square-foot outdoor parking spots.

Two other facilities are located in Wylie. The facility at 774 Park Blvd. offers 25- to 300-square-foot units including climate control and 220-square-foot parking spaces for boats and RVs. The second property, located at 2025 E. FM 544, includes storage spaces ranging between 50 and 400 square feet, as well as 200-square-foot parking spots.

Andover Properties has not revealed the location of the fifth asset in the portfolio.

Benefitting from a continued strong national performance, the oversupplied Dallas-Fort Worth self storage market still registered positive growth in April, Yardi Matrix data shows. Planned and under construction activity increased by 3 basis points month-over-month, still slightly below the national average of 8.3 percent. Rent growth for 10×10 CC and non-CC units also didn’t match rates across the country—increasing by 8 percent and 7 percent, respectively, year-over-year. The metro boasts 9.5 square feet of storage per capita, substantially above the national average of 6.8 square feet per capita.