Cardiff Mason Development Sells Property At 5321 Richmond Ave Houston With Seller's Rep Greg Wells
5321 Richmond Ave, Houston, TX 77056
Building Size
—
Asset Type
Self Storage
Closing
Nov 20, 2023
AI
A partnership between Cushman & Wakefield and JLL facilitated the sale of a self-storage facility at 5321 Richmond Ave, located in the Galleria-Uptown area of Houston. The facility consists of 797 units and was part of a transaction that included an additional 849-unit facility in Los Angeles. The total space across both properties exceeds 158,000 square feet.
Summary of transation details:
- Property Type: Self-storage facility
- Transaction Amount: Not disclosed
- Address: 5321 Richmond Ave, Houston, TX
- Market: Houston
- Seller: Cardiff Mason Development
- Buyer's Representative: Unknown
- Seller's Representative: Greg Wells - Cushman & Wakefield
Greg Wells of Cushman & Wakefield and Steve Mellon of JLL represented Cardiff Mason Development in this transaction. The buyer remains undisclosed, identified only as a national owner/operator.
Players
Houston 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