Updated Oct 29, 2024
Merit Hill Capital Purchases Property At 6610 Hwy 6 N In Houston Represented By Brian Somoza
6610 Hwy 6 N, Houston, TX, 77084
Units
709
Asset Type
Self Storage
Closing
Aug 14, 2019
About this deal
AI
The property involved in this transaction is a self-storage facility known as Safe Keeping Self Storage, located at 6610 Hwy 6 N, Houston, TX 77084. It comprises 709 units, of which approximately 62 percent feature climate-controlled space. The market for this asset is Houston, and the sale was handled by JLL. The specific transaction price has not been disclosed.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: Undisclosed
- Address: 6610 Hwy 6 N, Houston, TX 77084
- Market: Houston
- Seller's Representative: Brian Somoza, JLL
- Buyer: Merit Hill Capital
In this transaction, JLL acted as the representative for the seller, Safe Keeping, with Brian Somoza and Steve Mellon working on the deal. The buyer, Merit Hill Capital, is based in Brooklyn and specializes in self-storage investment and development.
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