Class A self-storage facility in Austin sells to Extra Space Storage
JLL Capital Markets facilitated the sale of the 952-unit facility
HOUSTON – August 3, 2022 – JLL Capital Markets announced today that it has closed the sale of Woodland Self Storage, a 92,288-square-foot, 952-unit, class A storage facility in Austin, Texas.
JLL marketed the property on behalf of the seller, Endeavor Real Estate Group. Extra Space Storage purchased the asset. The sale closed on July 19th.
Woodland Self Storage is a state-of-the-art climate-controlled facility built in 2019 with an irreplaceable location along Interstate 35, immediately to the south of Downtown Austin at the intersection of I-35 and Woodland Avenue. With over 400 feet of prime highway frontage, the property benefits from excellent visibility to over 200,000 vehicles per day. The facility was 70% occupied at the time of sale and is fully equipped with best-in-class features and amenities, including electronic access control, secure fencing, elevator access, 24-hour video surveillance and a retail-oriented customer service office.
The property is further benefited by the explosive population in-migration and residential growth currently being experienced in Austin. More than 8,600 new apartment units and 730 new single family home sites are currently being added within a three-mile radius of the property. Woodland Self Storage is located within the Travis Heights neighborhood, which boasts an average household income of $112,000 and a median home price of over $1.3 million, ranking it among the most affluent neighborhoods in Austin.
“Endeavor Real Estate Group is a preeminent real estate company in virtually every category, and the quality and location of Woodland Self Storage is yet another example of their development expertise,” said Mellon. “The property attracted significant attention from the acquisition market, and we are excited to see Extra Space Storage add this property to their portfolio.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Endeavor Real Estate Group
Born in Austin, Endeavor has grown into the largest full-service commercial real estate company in Central and South Texas. Their team of more than 195 professionals delivers specialized expertise in project leasing, tenant representation, property management, sales and development. They offer extensive, market-specific knowledge covering retail, office, industrial, mixed-use and multi-housing projects. In addition to providing third-party services to property owners, investors, and tenants, they are also the developer of several high-profile Austin projects, including the Domain, IBC Bank Plaza and The Bowie. Through all of these activities, they have built a reputation as an organization with depth, integrity and an entrepreneurial spirit, and one committed to creating projects that stand the test of time.
About Extra Space Storage
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of March 31, 2022, the Company owned and/or operated 2,130 self-storage properties, which comprise approximately 1.5 million units and approximately 164.2 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.