Houston's Storage Boom: Silver Star Properties Acquires Prime Facilities
Silver Star Properties, a renowned real estate investment firm, has shifted towards the self-storage sector, evidenced by the recent acquisition of two facilities in Houston. As reported by Multi-Housing News, the facilities were purchased from Harrison Street Real Estate Capital, totaling 115,126 rentable square feet and expanding Silver Star's footprint in the City.
The properties, previously under the management of Advantage Storage, last traded hands in 2016 during a portfolio transaction; according to data from Yardi Matrix, the facilities' stable occupancy over the last two decades has made them an attractive investment, with an 88 percent lease rate at the time of Silver Star's acquisition.
This move illustrates Silver Star's pivot towards the self-storage sector, a shift first announced in April this year. The company's President and co-CEO, David Wheeler, emphasized the strategic importance of these assets in a prepared statement. He said the acquisition reflects Silver Star’s commitment to its new business venture, protecting shareholder value through a 1031 exchange.
The two facilities, Kirby and Weslayan, are located less than 5 and 6 miles, respectively, from downtown Houston. Class A properties offer non-climate and climate-controlled units, with various amenities like video surveillance cameras, drive-up access, packing supplies, mobile app gate access, and on-site management.
The transaction forms part of a broader Houston real estate market trend. As reported by Yardi Matrix, 35 self-storage properties have changed hands in the city just in 2021, totaling 1.7 million square feet of space.
Could be better If:
The article could have been improved by providing more background information on Silver Star's April announcement of its pivot toward the self-storage sector and why this decision was made. Including more information on the 1031 exchange would also have been beneficial, as readers may not be familiar with this term. In addition, the piece would benefit from the inclusion of quotes from relevant property market analysts or industry experts, providing context for Silver Star’s move and how it fits into broader trends in the self-storage sector. Lastly, infographics or charts illustrating the data from Yardi Matrix could make the statistics more digestible for readers Silver Star Properties.
Post: Silver Star Properties
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