Marcus & Millichap brokers 1,321-unit self-storage sale

real estate letter blocks
Photo by Precondo CA on Unsplash

Marcus & Millichap (NYSE: MMI) has announced the sale of a two-property, 162,960-rentable-square-foot, 1,321-unit self-storage portfolio in the Dallas-Fort Worth Metroplex.

“Institutional-grade self-storage facilities in growing primary markets are in high demand,” said Brandon Karr, senior vice president investments in Marcus & Millichap’s Fort Worth office. “Even though the properties in this portfolio had not yet achieved economic stabilization, our team secured multiple offers based on a pro-forma income stream that yielded a price point beyond the seller’s requirements.” Karr represented the seller and procured the buyer.

The properties are a four-building, 557-unit facility located near Interstate 35 East in Corinth and a one-building, 764-unit property 150 feet from Interstate 35 West in Fort Worth. Both assets were constructed in 2018 and are managed by Extra Space Storage.

“The property in Corinth includes raw land suitable for building additional storage units and land could be purchased to expand the Fort Worth property,” Karr said. “Numerous commercial, single-family and multifamily residential developments, including Enclave at Fossil Creek, Las Ventanas and Artisan Village have been completed or are scheduled for delivery between the two facilities and the growing population is expected to increase significantly by 2025.”