NKF Capital Markets has sold a Houston, Texas-based self-storage facility to Passco Companies LLC and Patriot Self Storage Management. No financial terms were disclosed.
HOUSTON (PRWEB) FEBRUARY 26, 2018
NKF Capital Markets Self Storage Group has completed the sale of a stabilized, high performing property in one of the wealthiest and most in-fill sub-markets in Houston, TX. The 54,000 SF facility has 3 stories of climate controlled storage, totaling 503 units that include close to 1,000 SF of premium wine storage. The property was purchased by Passco Companies, LLC, a Real Estate Investment firm specializing in the acquisition of Multifamily, Self Storage and commercial assets throughout the U.S. in a joint venture with Patriot Self Storage Management.
NKF Capital Markets professionals Aaron Swerdlin, vice chairman, and Kenneth Cox, executive managing director, led the national self storage capital markets team representing the seller.
“Core, urban, in-fill locations continue to command tremendous interest levels among the self storage buying community. The density, extremely high average household income and the redevelopment surrounding this site all were factors that led to the very diverse pool of buyers who pursued this property. The resiliency of Houston and the stability of the inner-loop markets also were impossible to ignore. As with several other core, in-fill Houston transactions we’ve managed the last couple of years, there is a very deep pool of capital that is extremely confident in investing in Houston, for the long term, in urban locations,” commented Aaron Swerdlin.
“It’s been remarkable to see the various sources of capital pursuing the deals we’ve marketed, especially during the last 12-months or so. And the River Oaks deal was no different. Advised capital, private equity, family office and the REITs all have a fairly equal grasp of the product type. And that alignment in pricing is not something we’ve seen, except for the last year or so. It’s significantly deepened the bench of capital on the core deals and on portfolios,” said Kenneth Cox.
NKF Capital Markets Self Storage Group provides unmatched brokerage transaction and financial services through a deep understanding of the complex self-storage property type combined with a unique knowledge of the local markets across the U.S. to provide expertise in every aspect of buying, selling, financing, capitalizing and owning a single property or national portfolio. The Group has a combined 45-years’ experience in the self storage industry and has completed in excess of $6 billion in transactions across more than 540 properties.