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August 20, 2019 Comments Off on 823-Unit Self-Storage Portfolio Trades Hands Views: 403 Texas - Other, Texas News

823-Unit Self-Storage Portfolio Trades Hands

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A Texas-based private investment group, operating under the name Cross Heritage Storage Odessa LP, acquired a three-property, 823-unit self-storage portfolio located in Odessa, TX. The local seller, Guardian Storage & Car Wash LLC, had developed and delivered all three properties in 2000.

“The interest rates are low, and the Permian (Basin) is hot,” explained Marcus & Millichap’s Brandon Karr, who represented the seller in the transaction. The deal, which was put into escrow during early summer 2019, closed quickly within the 60-day time frame originally outlined in the purchase and sale agreement.

The portfolio constated of

  • 5136 E. University Blvd.; 343 Units
  • 4950 E. University Blvd.; 250 Units
  • 5105 E. 52nd St.; 230 Units

The facilities offer roll-up doors, wide concrete driveways, pitched metal roofs, and a two-bay car wash. The new owner intends to modernize operations and build climate-controlled units on expansion land.

Pictured: Generic Self-Storage

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