JLL Capital Markets announced today that it has closed the sale of Springwood Self Storage, a 426-unit, Class A self storage facility in the northern part of Austin, Texas.
JLL worked on behalf of the seller, Springwood Self Storage LLC. Wasatch Storage Partners purchased the asset.
Springwood Self Storage comprises one three-story building that opened in 2017. Constructed to Class A standards, the facility contains modern amenities in its three stories, including all climate-controlled units, elevator access, retail-oriented customer service office and security features.
The area surrounding Springwood Self Storage is already experiencing rapid population growth along with the city of Austin, which already welcomes 169 new residents moving to the city each day”
Situated on .89 acres at 9206 Anderson Mill Rd., Springwood Self Storage has more than 150 feet along Anderson Mill Road, a high-traffic Austin arterial. The location is proximate to multiple critical area thoroughfares, including Highway 183, FM 620 and Parmer Lane. The area within a three-mile radius of the property is home to more than 98,000 residents, which is projected to grow at an annual rate of 1.92% over the next five years. Additionally, Robinson Ranch is two miles east of the facility, which houses more than 6,700 acres of land zoned for development.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon.
“The area surrounding Springwood Self Storage is already experiencing rapid population growth along with the city of Austin, which already welcomes 169 new residents moving to the city each day,” Mellon said. “Currently, more than 60% of the residents within a one-mile radius are renting, and, with Robinson Ranch and other developments near the property, the surrounding area is shaping up to be one of the hottest real estate markets in Austin.”
This transaction comes on the heels of the JLL Capital Markets-facilitated trade of CubeSmart – Bee Cave and All Stor South Congress in Austin announced in May, demonstrating the demand for these types of assets in the region.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Wasatch Storage Partners
Wasatch Storage Partners is led by a group of highly experienced real estate professionals with over 50 years of combined experience in financial management, real estate development and investment with a self storage specialization. Wasatch Storage Partners’ national investment, development and asset management platform is unique in the industry by virtue of its depth, breadth and approach. The team combines the investment acumen and financial sophistication of an institutional asset manager with the knowledge and entrepreneurial spirit of a local operator. The team at Wasatch Storage Partners has led private companies, played key roles at public companies, and has extensive expertise in feasibility, development, acquisitions and capital formation.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit JLL.com.
