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8750 Galveston Road

RecNation Acquires Self Storage Facility In Houston From Sunbelt Storage II
SOLDSelf Storage

RecNation Acquires Self Storage Facility In Houston From Sunbelt Storage II

8750 Galveston Road

Building Size

Asset Type

Self Storage

Closing

Apr 8, 2024

AI

A&B Boat & RV Storage, a 279-unit self-storage facility located at 8750 Galveston Road in Houston, was recently sold. The transaction was facilitated by Versal, a self-storage brokerage firm. The property spans 121,328 net rentable square feet and was acquired by RecNation, a company based in Dallas, with Gary Wojtaszek as the buyer and Sunbelt Storage II as the seller.

Summary of transaction details:

The brokers involved in the deal, Bill Bellomy, Michael Johnson, Logan Foster, and Hugh Horne from Versal, represented both the seller, Sunbelt Storage II, and the buyer, RecNation. Versal played a key role in connecting the parties and finalizing the transaction for the A&B Boat & RV Storage property.

Players

Bill Bellomy

Versal

Broker

$19.5M

vol

26 deals

Broker

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