SoCal Investor Beats Out Five Offers for Self-Storage
Wells Branch Self Storage in Austin, TX, sold to a Southern California entity operating under the name of Wells Branch Mini U Storage LLC. Dave Knobler and Charles LeClaire with Marcus & Millichap marketed the asset on behalf of the seller, Parkway PS Ltd., a family trust out of New Jersey. The sales price was undisclosed; the asset is valued at $7.1 million.
Knobler said that the 10-year-old, 587-unit asset at 1763 Wells Branch Pkwy. on Austin’s far north side, attracted six offers, and “the four highest offers came from private capital investors and not publicly traded institutions.” One of the reasons, he continued, was the facility’s occupancy, which has remained above 90%, even with a nearby 1,000-unit facility opening in 2015.
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