Self-storage portfolio in Austin sells
JLL Capital Markets closed the sale of two new Class A properties in a high-growth market
HOUSTON, May 17, 2021 – JLL Capital Markets announced today that it has closed the sale of two newly constructed Class A self-storage facilities totaling 1,174 units in Austin, Texas.
JLL worked on behalf of the seller, an affiliate of Endeavor Real Estate Group. Pegasus Group purchased the assets under the leadership of Phil Jones, Director of Acquisitions. Pegasus Group will manage the properties under its Central Self Storage flag.
The portfolio comprises the CubeSmart – Bee Cave and All Stor South Congress. Both facilities have a retail-oriented customer service office and are in rapidly growing submarkets in one of the nation’s top metro areas and surrounded by existing homes and emerging residential developments.
CubeSmart – Bee Cave was constructed in September 2019 and is situated at 14635 W. SH 71, which is along the primary thoroughfare for travel to central Austin from the residential communities to the west. The three-building facility houses 590 climate-controlled and 55 non-climate-controlled drive-up units.
All Stor South Congress opened in July 2018 and consists of a single two-story building and eight single-story buildings. The facility is located at 8327 S. Congress Ave. along a critical throughfare for the city and near the popular SoCo Neighborhood, which is a nationally known shopping and cultural district. The facility houses 298 climate-controlled and 227 non-climate-controlled drive-up units in addition to four parking spaces for rent.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon.
“This offering presented investors with two institutional-quality facilities that have all of the modern features and amenities that users look for,” Mellon said. “The properties are poised to rapidly achieve stabilization and are well positioned for revenue growth.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Based in Austin, Texas, Endeavor Real Estate Group is a full-service commercial real estate firm that enhances value with a creative approach to investment, design, management, and leasing of retail, office, industrial, self-storage, mixed-used and multifamily properties. Since opening its doors in 1999, Endeavor has acquired or developed more than 16 million square feet of realized real estate projects; has more than 8.8 million square feet of office, industrial and retail space under management; and over 3.4 million square feet currently under construction. For more information, visit: endeavor-re.com.
About Pegasus Group
Pegasus Group is a real estate investment and management company that was founded in 1988. Pegasus Group was started to provide low risk, real estate investments, and, for the past 20 years, have focused primarily on the self-storage industry. Through individual ownership and portfolio structures, Pegasus Group currently owns and operates over 50 properties throughout the United States under its national brand Central Self-Storage®.