Silver Star Properties Adds Houston Assets to Portfolio
The self storage facilities traded in a 1031 exchange.
Silver Star Properties has acquired two self storage facilities in Houston, totaling 115,126 rentable square feet. Harrison Street Real Estate Capital sold the assets, which have previously been managed by Advantage Storage.
According to Yardi Matrix data, both properties last traded in 2016, as part of a portfolio transaction. The previous owner purchased the facilities from BullsEye Storage.
The properties had a stable occupancy in the last two decades and were 88 percent leased at the time of the current transaction. The sale is part of Silver Star Properties’ pivot toward the self storage sector, previously announced in April this year. Silver Star’s President & Co-CEO David Wheeler stated in prepared remarks that the acquisition of the two Houston assets reflects the company’s commitment to the new business venture and also protects shareholder value through a 1031 exchange.
Self storage near downtown Houston
The Kirby facility encompasses 51,950 square feet and features a three-story building. The Class A property came online in 1998 on 1.1 acres and features non-climate and climate-controlled units ranging from 15 to 200 square feet. Amenities include video surveillance cameras, drive-up access, moving and packing supplies, mobile app gate access and on-site manager. The facility is at 2505 SW Freeway, has access to Interstate 69 and is less than 5 miles from downtown Houston. The property is one of the 29 available within a 3-mile radius, offering residents 11.1 rentable square feet of storage space per capita.
The 63,186-square-foot Weslayan facility came online in 2000. The three-story, Class A building sits on 1.4 acres and features non-climate and climate-controlled units ranging between 25 and 200 square feet. Amenities include video surveillance cameras, drive-up access, moving and packing supplies, gated access and on-site manager. The property is at 4250 SW Freeway, near interstates 69 and 610, and 6 miles from downtown Houston. The facility is one of the 24 available within a 3-mile radius, offering residents 10.4 rentable square feet per capita.
As of December, 35 self storage properties traded in the Houston market year-to-date, totaling 1.7 million square feet, Yardi Matrix data shows. Six of those facilities were Class A assets.