Stabilized self-storage portfolio in Houston and Chicago trades

HOUSTON, May 10, 2021 – JLL Capital Markets announced today that it has closed the sale of a two-property self-storage portfolio totaling 1,603 units in the Houston and Chicago MSAs.

JLL worked on behalf of the seller, a private equity real estate fund advised by Crow Holdings Capital. National Storage Affiliates Trust acquired the assets.

The portfolio comprises the 857-unit Sugar Land Self Storage in Richmond, Texas, and the 746-unit Crestwood Self Storage in Crestwood, Illinois. Sugar Land Self Storage is a well-maintained, stabilized asset that features a mix of climate-controlled and drive-up units, an on-site apartment and retail office. Constructed in 1998 and expanded in 2003, the four-story facility is situated on eight acres at 1728 Crabb River Rd. just south of Interstate 69, one of the major traffic arteries in the Houston area.

Crestwood Self Storage contains six single-story buildings built in two phases in 1974 and 2017, with the original buildings undergoing renovations in 2018. The facility houses a mix of drive-up and climate-controlled units along with a retail-oriented office. Crestwood Self Storage is situated on 5.4 acres at 4501 W. 125th St. half a mile from Interstate 294 (Tri-State Tollway) and has excellent visibility along W 135^th Street, a high traffic arterial with more than 15,000 vehicles per day.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon along with Senior Director Dan Reynolds.

“These well-occupied properties have an occupancy exceeding 90% and are in two of the top-five MSAs in the U.S.,” Mellon said. “The supply of self-storage space within each submarket is consistent with the national average and, with no new competition in the development pipeline, made this opportunity popular among investors seeking yield through a resilient alternative asset class like self storage.”

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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