Silver Star Properties Acquires Houston Self-Storage Facilities From Harrison Street Real Estate Capital
2505 Southwest Freeway & 4250 Southwest Freeway
Building Size
230,252 SF
Asset Type
Self Storage
Closing
Dec 22, 2023
AI
Silver Star Properties has acquired two self-storage facilities in Houston, totaling 115,126 square feet, from Harrison Street Real Estate Capital. The properties are located at 2505 Southwest Freeway and 4250 Southwest Freeway. These self-storage facilities span over 2.5 acres of land in the Houston market.
Summary of transation details
- Property Type: Self Storage
- Transaction Amount: Not specified
- Square Footage: 115,126
- Address: 2505 Southwest Freeway & 4250 Southwest Freeway
- Market: Houston
The buyer in this transaction is David Wheeler from Silver Star Properties. Representing the seller is Christopher Merrill from Harrison Street Real Estate Capital.
It is worth noting that at the time of the transaction, both self-storage facilities were 88% leased. The Kirby facility, located less than 5 miles from downtown Houston, and the Weslayan facility, situated 6 miles from downtown, align with Silver Star Properties' strategic move into the self-storage sector, as announced earlier this year.
Houston Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
Loading comparables…
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