Real estate firm Merit Hill Capital LP has acquired two Houston-area StorIt! self-storage facilities from The Jenkins Organization, a self-storage developer, owner and management company. Combined, the properties offer 1,088 storage units, according to a press release.
StorIt! Woodcreek at 1429 Farm to Market 1463 in Katy, Texas, comprises 68,965 square feet of storage space in 563 units. StorIt! Seven Meadows at 23110 Farm to Market 1093 in Richmond, Texas, contains 75,741 square feet of storage space in 525 units. Jenkins has owned Woodcreek since 2013 and Seven Meadows since 2011, the release stated.
Merit Hill also recently purchased Safe Keeping Self Storage in Baytown, Texas, a suburb of Houston. The single-story property comprises 76,485 square feet of storage space in 782 units. It also contains eight office/warehouse units for lease.
Jenkins also opened Storage Center at Craig Ranch in McKinney, Texas, this week. The company has seven development projects underway as well as three acquisitions. It’s also expanding five existing sites.
Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide. Last year, it launched a $300 million fund with private capital to pursue single-property and small-portfolio acquisitions in markets with at least 25,000 residents and demonstrating population growth.
Formed in 1989, Jenkins has an ownership and management portfolio comprising more than 3.5 million square feet of storage space in Louisiana, Minnesota, Missouri, Oklahoma and Texas.
Source:
Rebusiness Online, Merit Hill Capital Acquires Two Self-Storage Facilities Totaling 1,088 Units in Houston
