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CBRE arranged the sale of a 550-unit self-storage facility at 2401 E. Ben White Blvd. in Austin.
CBRE’s Self Storage Advisory Group represented the seller in the transaction, global investment company KKR. The buyer, Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered, and self-managed real estate investment trust.
The facility has 52,203 rentable square feet with units ranging in size from 25 to 300 square feet. The property features a gated entrance with key code access, climate-controlled units, on-site manager and 24-hour video surveillance.
CBRE brokered the sale of a 1,041-unit self-storage facility at 5656 North Interstate 35 in Austin.
CBRE’s Self Storage Advisory Group represented the seller, global investment company KKR, in the transaction. The buyer is Dallas-based Baranof Holdings, both a developer and long-term investor in self-storage.
The property, managed by CubeSmart Self Storage, has 100,417 square feet of net rentable space, is climate controlled, and has 24-hour video surveillance. Its location is directly off the I-35 freeway, providing visibility to approximately 227,00 vehicles daily, and sits directly across from the Capital Plaza Shopping Center, as well as a less than 10 minute drive from the University of Texas at Austin. The facility was approximately 90% occupied at the time of sale.
The total population within a five-mile radius of CubeSmart is approximately 359,000, with the three- to five-mile average household income ranging from $102,563 to $114,379. According to CBRE Research, approximately 75% of the state’s population is within the Austin region.
Stream Realty Partners will now manage an additional 3.5 million square feet of warehouse space as two global real estate investment companies expand their relationship with the firm’s San Antonio office.
Stream, a national commercial real estate firm offering an integrated platform of services, will oversee 1.6 million square feet at BentallGreenOak’s Enterprise Industrial Park and 1.9 million square feet across a three-county portfolio from Ares. These expansions, combined with other new assignments, bring Stream San Antonio’s industrial property management portfolio to 8.3 million square feet, a 286% increase over less than two years.
Kathy Carter, vice president of property management at Stream San Antonio, continues to work with the firm’s industrial brokers to showcase her team’s capabilities and how they can benefit a client with a more holistic approach to commercial real estate. Stream San Antonio has added seven new clients to the roster over the last 20 months and expanded services among existing customers, including San Antonio’s first property management assignment in the Rio Grande Valley.
Stream has developed and launched its specialized five-star Legendary CX Property Management platform nationwide. The offering delivers a distinctive customer experience that focuses on real connection, dedication, and care. Stream property managers add value by delivering uniquely memorable experiences at every interaction and every property.
The San Antonio market has delivered more than 6.8 million square feet in new warehouse construction since 2020, with the area’s industrial vacancy rate continuing to drop below 6%. An additional 8 million square feet are currently under construction, including Stream San Antonio’s Interpark Logistics Center. The infill industrial development will consist of five buildings spanning 689,000 square feet of speculative space.
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.
ACRE, a global real estate private equity firm, today announced it has finalized two loans totaling $111 million with TerraCap Management, LLC (TerraCap), to support two multifamily properties in Pflugerville, Texas.
Issued through ACRE’s debt fund ‘ACRE Credit I,’ the loans will aid in TerraCap’s purchase of newly-built properties ‘The Dalton’ and ‘The Beacon at Pfluger Farm’, comprising 350 and 258 units, respectively. Executed in January, the three-year agreement includes options for two single-year extensions.
Newmark’s Matthew Williams and Kyle Schlitt served as debt brokers for the deal.
TerraCap is a commercial real estate investment manager focused on value-add real estate acquisitions in the South Atlantic, West Central South, and West Mountain regions of the U.S.
Located at 2209 West Pflugerville Parkway, The Dalton was completed in 2021 and features a range of one-, two-, and three-bedroom rental units. The unit interiors feature tasteful faux wood flooring; stainless steel appliances; farmhouse kitchen sinks; granite countertops; tile backsplashes; contemporary custom cabinetry; custom lighting; and walk-in closets.
The building’s suite of on-property amenities includes a resort-style pool and luxury pool house with grilling stations; and a private dog park and grooming area. Additional amenities available to residents comprise an on-site concierge; on-demand Starbucks coffee bar and Bevi sparkling and flavored water dispenser; self-serve wine membership; electric vehicle (EV) chargers; attached and detached garages; and a gated community entrance.
The Beacon at Pfluger Farm, which was completed in 2022, is located at 1300 Rauscher Drive and offers a selection of rental units ranging from one to three bedrooms. Within each unit, residents will find open-concept floor plans with hardwood-inspired flooring; upscale custom fixtures and cabinetry; stainless steel appliances; granite countertops; dishwashers; and walk-in closets.
Amenities include a resort-style pool; sunning deck with lounge seating; outdoor gathering area with fireplaces and BBQ stations; fitness studio and cycling room; WiFi-enabled coworking club; and a luxe clubhouse with shuffleboard and billiards. The community also offers pet-friendly units and pet-oriented amenities such as a dog park and washing area. In addition to a gated entrance, residents also have access to standard and EV-compatible garage parking options.
Located in the suburbs of Austin, Pflugerville is home to an array of public and private schools, golf courses and country clubs, restaurants, and marinas. With convenient access to State Highways 130 and 45, residents enjoy an easy commute to Downtown Austin.
Trez Capital is proud to announce the dual sale from its Trez Opportunity Funds (TOF) #4 and TOF #5 of The Beacon and The Dalton, located in the Austin region of Texas, as a portfolio to a single purchaser at a price exceeding initial sale expectations and providing investors with returns higher than the original proforma. Both projects are highly sought-after Austin multi-family communities that serve an undersupplied housing market.
Trez Capital’s Equity Investment Program partners with experienced developers in markets with strong population, job and gross domestic product (GDP) growth. The sale of both projects speaks to the continued growth and unwavering demand in Texas.
Both projects are in TOF #4 and TOF #5. After the sale of the remaining investments held by each TOF #4 and TOF #5, the Internal Rate of Return (IRR) on these funds are projected to be between 30% and 40%, which is well in excess of the projected IRRs of approximately 15% at the time of underwriting. There are several existing projects still performing in these TOFs, which will provide additional income to investors upon sale.
The Beacon and The Dalton are the fourth and fifth projects that Trez Capital has built in partnership with Thompson Realty Capital, which has over 25 years of experience in acquisitions, development, and property management of multi-family, office, and single-family residential projects.
The Beacon contains 258 dwelling units, and The Dalton contains 350 dwelling units. Collectively, these two projects add more than 600 high-quality residential units to a booming region in Austin that needs more housing supply. The projects will also offer the communities attractive amenities.
Trez Capital continues to invest in high-quality development opportunities across North America, particularly in the Sunbelt states such as Texas, Arizona and Florida, for the TOF series and Trez Capital Private Real Estate Fund Trust (TPREF).
