Behringer Harvard Opportunity REIT II Inc. acquired a 537-unit self-storage facility at 6366 Babcock Road in San Antonio. The 3.2-acre site is north of Loop 410 and approximately five miles south of the University of Texas at San Antonio.
The company acquired an 85 percent ownership interest in the property through a joint venture with Watson & Taylor Management Inc., an operator of more than 34 self-storage facilities in Texas, Massachusetts and Tennessee, and with an investment group represented by Kennedy Wilson Austin Inc.
Now operating as Noah's Ark Self Storage, the Babcock Road facility comprises 10 one-story storage buildings, constructed in 2000, providing a total of 56,275 rentable square feet. As a result of the joint venture's acquisition, the property will be rebranded as a Watson & Taylor facility. Kennedy Wilson Austin will provide the venture with partnership asset management and back-office support services. The acquisition is the first in a self-storage acquisition program planned by the joint venture partners.
"We're pleased to pursue this venture with Watson & Taylor Management, a respected industry leader in the self-storage property sector," said Samuel A. Gillespie, chief operating officer of Behringer Harvard. "The Babcock Road facility represents the type of self-storage acquisition opportunities we plan to target as we build a portfolio through future joint ventures with Watson & Taylor and Kennedy Wilson Austin."
Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $5 billion and investments into more than $11 billion in assets.
