Upscale Austin Self Storage Facility Changes Hands
- Jun 22, 2021
Wasatch Storage Partners has purchased Springwood Self Storage, an upscale 422-unit facility near Village Oaks in Austin, Texas. JLL Capital Markets represented the seller, Springwood Self Storage LLC, in the transaction.
The 2017-completed property will be managed by Life Storage.
Located at 9206 Anderson Mill Road, the three-story building comprises 44,000 square feet. Storage spaces are all climate-controlled and range from 25 to 100 square feet. Amenities include an elevator, digital access and video surveillance.
Managing Directors Brian Somoza and Steve Mellon led the JLL Capital Markets Investment team that facilitated the transaction.
Springwood Self Storage is roughly 16 miles north of downtown Austin. Although the metro is significantly oversupplied, with 9.9 square feet of storage space per capita compared to the national 6.8 average, Austin’s storage sector continues to benefit from a high absorption capacity. In addition, Springwood Self Storage is likely to draw occupancy from Jollyville’s booming residential and office area.
A $1 billion Apple campus is expected to open next year at the corner of Dallas Drive and West Parmer Lane, some 4 miles from the facility, while the Robinson Ranch 193-acre plot awaiting development is also 3 miles from the property.
With and a 3 percent population growth year-over-year in 2020 and tech giants such as Tesla and Oracle announcing plans to open factories and offices in the metro, Austin is one of the leading markets for multifamily construction in the U.S. As of May, multifamily projects accounted for 13.1 percent of Austin’s existing stock.