JV Acquires Houston Self-Storage Asset
- Feb 26, 2018
A joint venture of Passco Cos. and Patriot Self Storage Management has purchased a 54,000-square-foot self-storage facility in Houston. NKF Capital Markets Self Storage Group completed the sale on behalf of the seller, a partnership between Clarion Partners and Private Mini Storage. The buyer plans to rebrand the asset as Patriot Self Storage.
Strategically located at 4217 San Felipe St. in the River Oaks residential neighborhood, the property is within 15 minutes of downtown Houston, near industries including health services, education, hospitality and oil and gas. The area hosts the Houston Medical Center, which employs 106,000 people. Additionally, according to Yardi Matrix, 161,311 people live within a three-mile radius with an average household income of $86,696.
“Houston has continued to experience strong population gains, quality demographics and year-over-year job growth,” mentioned President Scott Allen of Passco Cos., in prepared statements.
Built in 1955, the storage facility features climate-controlled units, ranging from 50 to 300 square feet. The asset also includes 1,000 square feet of wine storage, gate and drive-up access and offers truck rental options, on-site management and retail services.
“As the migration of companies and residents to the Houston region continues, the demand for self-storage facilities will expand as well,” said Hal Perdew, president of Patriot Self Storage Management. “This adds to the long-term value of our assets and strategically positions them to perform over time.”
Aaron Swerdlin of NKF Capital Markets represented the seller and buyer in the transaction.
Image courtesy of Yardi Matrix