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National Storage Affiliates Trust Buys Self-Storage Portfolio In Houston And Chicago

The 746-unit Crestwood Self Storage in Crestwood, Illinois.

National Storage Affiliates Trust has purchased a two-property self-storage portfolio totaling 1,603 units in Houston and Chicago from a private equity real estate fund advised by Crow Holdings Capital.

The portfolio comprises the 857-unit Sugar Land Self Storage in Richmond, Texas, as well as the 746-unit Crestwood Self Storage in Crestwood, Illinois. JLL Capital Markets’ Brian Somoza, Steve Mellon and Dan Reynolds led the team that represented the seller.

Sugar Land Self Storage features a mix of climate-controlled and drive-up units, and an on-site apartment and retail office. The four-story facility was constructed in 1998 and expanded in 2003, and it is situated on 8 acres at 1728 Crabb River Road, just south of Interstate 69.

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, and is situated on 5.4 acres at 4501 West 125th Street, half a mile from Interstate 294.

Denver-based National Storage Affiliates Trust specifically focuses on the ownership, operation and acquisition of self-storage properties located within the top 100 metropolitan statistical areas throughout the U.S.

The economic disruption of the coronavirus pandemic has boosted the popularity of some alternative property sectors, such as self-storage, life sciences, manufactured housing communities, medical office and data center assets. A JLL analysis found that those assets were collectively responsible for more than $47.9B in transaction volume in 2020. 

Self-storage is an asset class that is often considered recession-resistant. That’s partially due to lower tenant turnover, but also because even when people choose to downsize, they still need a place to store their possessions. According to JLL, the self-storage sector accounted for $4.36B in transaction volume in 2020.

Texas’ anticipated population growth is only expected to boost the need for self-storage assets across Houston, which is spurring investors to become more active in the local market.