JLL Capital Markets announced today that it has closed the sale of Oak Hill Self Storage, a 709-unit self-storage facility located along W. Hwy 71 in Austin, Texas.
JLL marketed the property on behalf of the seller, The Jenkins Organization, and procured the buyer, Extra Space Storage.
Completed in 2019, Oak Hill Self Storage is comprised of 93,813 rentable square feet and features true Class A construction and amenities. The facility is 97% climate controlled and is equipped with three covered loading zones, automated gate access, oversized elevators to access the upper floors, and a full suite of building features.
Oak Hill Self Storage is strategically located within an affluent area of Southwest Austin that benefits from high barriers to entry, limited competing supply and strong population growth. Positioned on 7.65 acres at 7901 W. Hwy 71, the property offers visibility to more than 23,000 vehicles per day and draws from a growing population of 48,500 residents within a three-mile radius boasting an average household income of more than $162,000.
The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Brian Somoza and Steve Mellon and Directors Adam Roossien and Matthew Wheeler.