Pegasus Pegs Two Self-Storage Facilities for Central Storage Flag

Two newly constructed class-A self-storage facilities totaling 1,174 units recently sold in Austin to Pegasus Group. The price was undisclosed. Pegasus will manage the properties under its Central Self Storage flag.

The portfolio comprises the CubeSmart Bee Cave and All Stor South Congress. Both facilities have a customer service office and are in rapidly growing submarkets surrounded by existing homes and emerging residential developments.

CubeSmart Bee Cave was constructed in September 2019 and is situated at 14635 W. SH 71, along the primary thoroughfare to central Austin from the residential communities to the west. The three-building facility houses 590 climate-controlled and 55 non-climate-controlled drive-up units.

All Stor South Congress opened in July 2018 and consists of a single two-story building and eight single-story buildings. The facility is located at 8327 S. Congress Ave., along a critical thoroughfare and near the popular shopping and cultural district, SoCo Neighborhood. The facility houses 298 climate-controlled and 227 non-climate-controlled drive-up units in addition to four parking spaces for rent.

Pegasus Group was led by Phil Jones, director of acquisitions. JLL worked on behalf of the seller, an affiliate of Endeavor Real Estate Group. The JLL team was led by managing directors Brian Somoza and Steve Mellon.

“This offering presented investors with two institutional-quality facilities that have all of the modern features and amenities that users look for,” Mellon said. “The properties are poised to rapidly achieve stabilization and are well positioned for revenue growth.”