Houston, TX | The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hillside Storage, a 245-unit self-storage facility with a Phase II expansion underway in Willis, Texas.

Dave Knobler, Senior Managing Director Investments, Mixson Staffel, Associate Director Investments, and Charles “Chico” LeClaire, Executive Managing Director Investments, of the LeClaire-Schlosser Group represented the seller in the transaction.  “Bidding wars between a 1031 California buyer and a REIT are a beautiful thing,” said Knobler. “We had two highly qualified buyers at the ‘Best and Final’ table and that competition helped us get the best price and terms possible for our seller. I think the aggressiveness was well warranted, after all Phase I filled to over 87 percent physical occupancy within 18 months of opening, and with household incomes above $110,000 and Willis projected to grow to 30,000 residents over the next eight years, the buyer is stepping into a growth market with a proven lease-up and a clear runway for Phase II.”

“Bidding wars between a 1031 California buyer and a REIT are a beautiful thing. We had two highly qualified buyers at the ‘Best and Final’ table and that competition helped us get the best price and terms possible for our seller. I think the aggressiveness was well warranted, after all Phase I filled to over 87 percent physical occupancy within 18 months of opening, and with household incomes above $110,000 and Willis projected to grow to 30,000 residents over the next eight years, the buyer is stepping into a growth market with a proven lease-up and a clear runway for Phase II.” – Dave Knobler

Opened in February 2024 on approximately 4.73 acres, Hillside Storage’s Phase I comprises 245 units totaling 42,500 net rentable square feet and reached over 87 percent physical occupancy within 18 months of opening. Phase II, a 29,825-net-rentable-square-foot expansion scheduled for completion by year-end 2026, will bring the property to approximately 468 units and 72,325 net rentable square feet. The property features gated entry with digital keypad access, a full-service management office, 24/7 video surveillance, concrete driveways, roll-up doors, and a brick and metal façade.