Tag: Austin

CBRE arranges sale of 550-unit self-storage facility

Posted on by Mia Goulart

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 brokers sale of self-storage facility in Austin

Posted on by Mia Goulart

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.

National REIT acquires Austin-area self-storage facility

Posted on by Mia Goulart

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.

Trez Capital announces the portfolio sale of two major projects in Texas

Posted on by Mia Goulart

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). 

Partners Real Estate brokers sale of 5.9 acres of land next to Austin Bergstrom International Airport

Posted on by Mia Goulart

Partners arranged the sale of 5.9 acres of land located at 8208 Burleson Road and 4611 Norwood Lane in Austin.

Partners’ Todd Mahler represented the seller WilJam Holdings, LLC in the transaction.

Partners Real Estate arranges 1,680-square-foot retail lease in Austin

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, arranged a 1,680-square-foot retail lease with Sports Clips located at 8300 North FM 620 in Austin.

Partners’  Kevin Murphy represented the landlord, Partners’ Capital Group in the transaction.