investment highlights
- BRIDGELAND BY HOWARD HUGHES COMPANY LOCATION // 11,000+ Acre Master Planned Community Projected to have a population of 52,000
- OUTSTANDING DEMOGRAPHICS // $135,891 Average Household Income
- CLASS A PROPERTY // 261,207 NRSF | 572 UNITS
- SELF-MANAGED BY ORIGINAL DEVELOPER WITH TREMENDOUS UPSIDE IN IMPROVING REVENUE // Street rates are 70 percent of the market leaders and overall approximately 10 percent below the submarket average.
- HIGH BARRIER TO ENTRY LOCATION // The land for 5 miles to the west of the facility is owned by Bridgeland.
- NEXT TO BLACKHORSE GOLF COURSE AND SEVERAL OTHER RETAIL ESTABLISHMENTS
- BOOMING GROWTH AREA // 91,345 Three Mile Population – Population Expected to Grow over 23 percent by 2027
property summary
Blackhorse Storage is a 572-unit, 261,207 Net Rentable Square Foot storage facility located in Cypress, Texas which is an affluent Northwest Houston suburb. The property sits on just over 14.2 acres of land and has 22 single-story buildings. There are 174 climate-controlled units, 144 non climate-controlled units, 22 warehouse spaces, and about 14,500 square feet of retail and office space. Also in the unit mix is a 12,000 square foot warehouse that is under construction with a tenant already lined up.
The property was constructed in several phases between 2010 and 2019 and features several amenities commonly found in class A storage facilities. There’s an entrance gate with keycode access, video surveillance throughout the facility, concrete driveways, perimeter chain link fencing, and units with roll up doors.
Blackhorse Storage is in a densely populated residential area of northwest Houston and gets its name from Blackhorse Golf Course which is a popular 36-hole championship track. The facility is surrounded by a three-mile population of over 91,000 and is projected to increase by over 23 percent by 2027. It’s not only the quantity of the nearby population, but the annual average household income is around $135,000 allowing Blackhorse Storage to capture the demand of a massive tenant base that would need to store classic cars, RV’s or boats Blackhorse Storage fronts on House and Hahl Road which is a connecting street from either 290 or Fry Road into the Bridgeland master planned community . Bridgeland is an 11,000+ acre master planned community built by the Howard Hughes Company that first broke ground in 2006 and won’t complete construction until 2040. The property’s well demonstrated stability is due in large part to there being no competing facilities for several miles to the west as the area is completely residential with Bridgeland. In addition to the strong nearby residential demographics, Blackhorse Storage sits adjacent to a large cluster of experiential based retail properties including InSPIRE Rock Climbing Gym, FINS Swim School, and Sun Auto Sports Complex.
Despite the inherent benefits of being protected by one of the largest master planned communities in Greater Houston and in such a densely populated area, the facility’s rental rates lag behind the market. The owner is the original developer, self manages the asset and has been hesitant to push rental rates. In fact, in a recent survey, the street rates at Blackhorse Storage were in some cases 70 percent of the market leaders and overall were around 10 percent below the submarket average.
