Hetsun Properties Sells Houston Self Storage Facility
The property offers climate-controlled units as well as RV and boat parking spaces.
1555 W. Grand Parkway N. Image courtesy of NAI Partners
Hetsun Properties has sold Sunny’s Self Storage, a 622-unit Class A self storage facility in the Houston suburb of Katy, Texas. NAI Partners Associate Ryan DeGennaro arranged the transaction on behalf of the seller. The buyer, a Texas-based investor, has tapped Life Storage to manage the 93,455-square-foot asset.
Built in two phases, in 2001 and 2018, the facility at 1555 W. Grand Parkway N. encompasses four buildings across 2.5 acres. Units range from 50 to 200 square feet and include climate-controlled storage spaces, drive-up access to larger units as well as RV and boat parking.
Located in a retail and industrial area north of Interstate 10, the property is one of 16 self storage facilities within a 3-mile radius, according to Yardi Matrix data. This dense residential area roughly 28 miles west of downtown Houston is considerably oversupplied, boasting a penetration rate of 12.8 square feet per capita—almost double the national penetration rate of 7 square feet per capita and significantly above Houston’s average of roughly 10 square feet per capita.
Despite robust supply, street rates in the metro were up 15 percent for the standard 10×10 climate-controlled units year-over-year through September, according to a recent Yardi Matrix report. Similarly, rents for 10×10 non-climate-controlled units increased by 12 percent year-over-year.
Although the sector appeared to be slowing down compared to the previous month, Houston continued to be one of the top markets for rent growth in September, supported by limited construction activity (2.1 percent of existing stock).
