Montfort Capital Partners LLC, a Dallas-based real estate investment and brokerage firm, has acquired Nations Storage in Houston, which it plans to renovate. The 463-unit facility at 22300 State Highway 249 is just off Spring Cypress Plaza Drive and 26 miles from Downtown Houston. It’ll be managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name, according to the source.
“This opportunity was a value-add investment for the borrower,” said Daniel Hartnett, senior finance associate of Greysteel, the firm that arranged the acquisition loan. “With the current occupancy sitting at 70 percent, the borrower plans to invest extensive capital improvements into the facility. By bringing on Extra Space as the new third-party property managers, it will help them increase occupancy and stabilize the facility by capitalizing on Extra Space’s advanced technologies and efficiencies.”
Property features include climate control, outdoor parking, electronic gate access, warehouse space and video cameras. The facility will serve the communities of Cypress, Kohrville, Louetta and Tomball in Harris County, Texas.
Headquartered in Salt Lake City, Extra Space Storage owns or operates 1,568 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.09 million units and 119 million square feet of rentable space.
Greysteel is a transactional commercial property advisor for private, middle-market and institutional investors. Its platform provides end-to-end investment services, from sales and financing to research and investment planning, according to its website.
Source:
Commercial Property Executive, Greysteel Arranges Financing of Houston Storage Facility
