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News release

Houston, TX

Economic, population growth spur sale of self-storage portfolio

JLL completes sale of Class A self-storage portfolio in Arizona and Colorado

HOUSTON, March 7, 2018 – JLL's Capital Markets experts today announced the sale of a two-property self-storage portfolio in Arizona and Colorado. A joint venture of Advantage Storage and Harrison Street Real Estate Capital purchased the property from a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate ("CHC-RE").

Brian Somoza and Steve Mellon led the JLL team on the sale.

"New, institutional-level construction, excellent visibility and local barriers to entry, made this portfolio an attractive offering," said Somoza. "Even more so, strong projections for economic and population growth in both the Phoenix and Denver metro areas should result in a sound investment for the new ownership."

Together, the properties total 147,521 square feet and 1,425 units. Features of the facilities include: Drive-up units, climate controlled units, secure fencing with electronic access control, 24-hour video surveillance and retail-oriented customer service offices.

Completed in 2017, the Arizona property is located approximately 17 miles northwest of downtown Phoenix at 7910 W. Beardsley Road in the Phoenix suburb of Glendale. Comprised of one, three-story building totaling 96,950 square feet and 955 units, the facility benefits from a highly visible location and strong surrounding demographics. More than 120,000 cars pass by the property on Route 101 per day and the average household income within a 3-mile radius is more than $90,000 per year.

Completed in 2016, the Colorado asset is approximately 10 miles southwest of downtown Denver at 11645 W. Belleview Avenue in the Denver suburb of Littleton. Totaling 50,571 square feet and 470 units, the facility is comprised of one, three-story building and two, one-story buildings. The property is surrounded by a population of approximately 80,400 within a 3-mile radius, with an average household income of $98,000 per year. The facility should benefit from strong surrounding demographics in the long term because of barriers to entry that include scarce infill locations and strict local development regulations.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About CHC-RE

Since 1998, Crow Holdings (the predecessor to CHC-RE) sponsored the first of twelve private equity real estate funds and CHC-RE is now the investment advisor to the remaining funds. Over the past 19 years, these funds have raised approximately $7.8 billion in equity commitments including approximately $998 million in equity commitments from Crow Family Holdings. 

CHC-RE's general self-storage investment strategy is to acquire newer vintage properties or form joint ventures to develop Class A storage properties. Specifically, CHC-RE is targeting well-located properties that provide an opportunity for operational improvement, expansion of the existing property, the repurposing of existing buildings, and development sites, where fundamentals warrant new product. 


About Wasatch Storage Partners (WSP)

WSP is a national self storage development, acquisition and consulting firm led by a team of seasoned industry professionals based in Salt Lake City, UT. Since its formation in 2015, the firm has consummated in excess of 650k square feet of development or acquisitions in markets across North America. For further information, visit


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit