HOUSTON – (Realty News Report) – CBRE has announced the sale of a six-property self-storage portfolio in the greater Houston area to a publicly registered, non-traded real estate investment trust sponsored by SmartStop Asset Management. The purchase price was not disclosed.
CBRE brokers Nick Walker, John Fenoglio and Trevor Roberts represented the seller, Metro Mini Storage. SmartStop Asset Management, based in California, specializes in self-storage as well as student and senior housing investments.
The six facilities are positioned in high-barrier-to-entry neighborhoods across the Houston region and are surrounded by thriving single-family and multifamily residential areas, along with expanding retail and office corridors. These location characteristics support steady, long-term demand for storage space.
“The greater Houston metro area has experienced sustained job growth, driven by a rebound in energy and reconstruction activity,” said Walker. “Last year saw record home sales in Houston. Leveraging CBRE’s national marketing channels and strong local demand drivers, it was unsurprising that the portfolio attracted significant interest.”
CBRE research shows Houston’s multifamily market has been tightening: in Q2 2018 net absorption nearly doubled the number of new units delivered, contributing to rising rents and higher occupancy that followed the energy sector’s recovery. Residential demand remains supported by the region’s improving economic fundamentals. Moody’s Analytics projected employment growth in Houston of approximately 2.9%, or roughly 90,100 new jobs, driven in part by energy and reconstruction activity.
Oct. 18, 2018 Realty News Report. Copyright 2018.