The Greenkey Storage Portfolio is a 3 property 83,160 NRSF self-storage opportunity located in the Houston, TX MSA. The facilities sit on approximately 6 combined acres of land and has 19 single story buildings consisting of 329 drive up non climatized units, 7 climatized office warehouse spaces and 30 outdoor parking spots. The properties feature several amenities including but not limited to, video surveillance throughout the properties, automatic entrance gates with key code access, roll-up doors and swing doors. The Pasadena and Northline locations feature concrete driveways., while La Marque has a mix of newly installed gravel and concrete.
The facilities are in strategic trade areas offering tremendous stability and flexibility. The Northline location sits in a densely populated area with nearly 150,000 residents approximately 5 miles north of Downtown Houston. Furthermore, the existing supply in the trade area is only 4.44 square feet per capita which is substantially below average. The Pasadena facility also boasts a huge nearby 3 mile population of over 120,000. All the facilities are basically within walking distance to Interstate 45 in various parts of the Greater Houston. The Northline location is well situated for traditional self-storage in the urban core and the Pasadena and La Marque locations are ideally positioned Boat & RV storage suburban locations on the southeast side of Greater Houston. Pasadena is less than a mile from the Sam Houston Tollway (Houston’s middle loop) and about 1.5 miles from Interstate 45 while the La Marque property is less than 5/10 of a mile from Interstate 45. Both locations provide convenient access to Galveston Bay, Clear Lake, the Gulf of Mexico, and numerous other recreational destinations along the coast. Not surprisingly demand for Boat and RV Storage units are at a premium on the southeast side with most facilities being highly occupied. Moreover, construction costs, land prices in heavily populated inner beltway areas, and the overall lack of land available should sustain further demand.
The Greenkey Storage Portfolio provides sizeable scope in a top 10 MSA at under $65 per net rentable square foot. In the past 18 months, ownership has put approximately $160,000 of CAPEX into the assets. Current physical and economic occupancy are both between 75-80 percent across the board providing an investor upside by fully stabilizing the properties.
Each of the assets may be sold separately.