HOUSTON – (Realty News Report) – CBRE announced the sale of a six-property self-storage portfolio in the greater Houston area for an undisclosed amount to a public non-traded real estate investment trust sponsored by SmartStop Asset Management.
CBRE’s Nick Walker, John Fenoglio and Trevor Roberts represented the seller, Metro Mini Storage. SmartStop Asset Management is a California real estate company focused on self-storage as well as student and senior housing.
The six properties are located in high-barrier-to-entry markets throughout Houston and sit within thriving single-family and multifamily communities as well as growing retail and office markets, guaranteeing a continued demand for storage space.
“The greater Houston metro area has been experiencing sustained job growth, buoyed by rebounding energy and reconstruction activity,” said Walker. “More homes were sold in Houston last year than any time in history. With the use of CBRE’s nationwide marketing platforms and demand drivers like this, it was no surprise that the portfolio garnered a tremendous amount of interest.”
Houston’s multifamily net absorption was nearly double the unit count of deliveries in Q2 2018, spurring an upward climb in rent and occupancy that began with the rebound of Houston’s energy economy, according to CBRE research. Residential demand is buoyed by the region’s strengthening economy. Moody’s Analytics is forecasting Houston to add 2.9% employment, or roughly 90,100 jobs due to rebounding energy and reconstruction.
Oct. 18, 2018 Realty News Report Copyright 2018