The Houston office of Holliday Fenoglio Fowler LP (HFF) says it has closed the sale of a nine-property self-storage portfolio located in Austin, Dallas, Houston and San Antonio, Texas.
Chicago-based Harrison Street Real Estate Capital LLC (HSRE) purchased the portfolio, which was listed for $71 million, for an undisclosed price. HSRE's company model is to acquire as well as to provide equity capital to developers and operators in the areas of real estate related to education, healthcare and self-storage.
The properties, which were built between 1994 and 1998, contain more than 5,300 units and total 551,609 square feet. There are five properties in Houston, two properties in Dallas, one property in Austin and one property in San Antonio.
"The resiliency of the self-storage product type in a recessionary environment certainly was apparent by the multiple offers we had to work with on this transaction," adds HFF Senior Managing Director Aaron Swerdlin, who, with Managing Director Doug McCarron, led the investment team on behalf of the seller. "Augmented by the fact that all of the assets were in Texas – one of the best performing states in the country – this portfolio was extremely attractive to buyers with capital to invest in self-storage."
SOURCE: Holliday Fenoglio Fowler LP