HOUSTON, Texas | 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, today announced the sale of Solid Ground Storage Portfolio, a two property self-storage portfolio located in Elgin, Texas, a rapidly growing suburb in the Greater Austin area.
Dave Knobler, Senior Managing Director Investments, and Mixson Staffel, Director Investments, in Marcus & Millichap’s Houston, Texas office, Charles “Chico” LeClaire, Executive Managing Director Investments in the Denver, Colorado office along with Jon Danklefs, Managing Director Investments in the San Antonio, Texas office, marketed the property on behalf of the seller, the original property developer for the 505 US 290 location and approximately half of the 1210 US 290 location. Dave Knobler had this to say about the transaction, “The asset quality speaks for itself, but the real driver of this sale was the growth story unfolding in Elgin. The seller was a tremendous steward of the property, and the market around it is accelerating quickly — with more than 20 residential developments in the pipeline, nearly $1 billion in commercial plans submitted, and population projections approaching 60,000 within six years. The new owner is stepping into a market with exceptional momentum and is well‑positioned to capture the next wave of upside.” The buyer, also procured by Knobler, Staffel, LeClaire, and Danklefs is a Texas-based LLC.
“The asset quality speaks for itself, but the real driver of this sale was the growth story unfolding in Elgin. The seller was a tremendous steward of the property, and the market around it is accelerating quickly — with more than 20 residential developments in the pipeline, nearly $1 billion in commercial plans submitted, and population projections approaching 60,000 within six years. The new owner is stepping into a market with exceptional momentum and is well‑positioned to capture the next wave of upside.”
The Solid Ground Storage Portfolio is a two property self-storage portfolio. The properties sit on approximately 8.42 acres of land and have a combined 126,038 NRSF and 1,087 units. The Solid Ground Storage at 505 West US Highway 290 (721 units & 81,878 NRSF) was initially constructed in 2015 with two single-story buildings opening in 2021 and then the final phase which is a 36,000 NRSF multi-story building coming online in late 2023. The Solid Ground Storage at 1210 US Highway 290 (366 units & 44,160 NRSF) is unmanned and managed remotely from the 505 West US Highway 290 location and was constructed in multiple phases between 1997 and 2018. The properties have attractive façades along with numerous amenities commonly found in Class “A” institutional quality self-storage facilities. There is a gated entry with a digital keypad, a spacious full-service onsite management office at the 505 West US 290 location, 24/7 video surveillance throughout the facility, motion sensor LED lighting, concrete driveways, and units with roll-up doors.
Also Appeared In // Multifamily Housing News, Inside Self-Storage
