Andover Properties Expands Texas Portfolio With Acquisition Of Two Self-Storage Properties In Houston Area
1411 West Cedar Bayou Lynchburg Baytown, Texas 77521, USA
Building Size
102,410 SF
Asset Type
Self Storage
Closing
Jun 8, 2023
AI
Andover Properties has expanded its Texas portfolio with the acquisition of two self-storage properties in the Greater Houston Area. The properties, previously operated by Steelcreek Management under the Watson & Taylor Self Storage brand, have been rebranded as Storage King USA. They offer a combined total of 102,410 square feet of space and are located at 1411 W. Cedar Bayou Lynchburg and 828 60th Street, spanning 5.7 acres in Baytown and Galveston.
Summary of Transaction Details
- Property Type: Self Storage
- Transaction Amount: Not specified
- Address: 1411 W. Cedar Bayou Lynchburg & 828 60th Street
- Market: Baytown & Galveston
- Square Footage: 102,410
- Acres: 5.7
- Buyer: Andover Properties - Brian Cohen
- Seller: Steelcreek Management
The buyer, Andover Properties, was represented by Brian Cohen. Steelcreek Management served as the seller in this transaction.
Texas Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93