JLL Capital Markets announced today that it has completed the sale of Park 79 Self Storage, a 780-unit CubeSmart-branded self-storage facility in the growing community of Hutto, Texas, in the North Austin area.
JLL worked for the account of vendor, Park 79 Storage, LLC. Wasatch Storage Partners purchased the asset, which is managed by CubeSmart. This is Wasatch Storage Partners’ fourth acquisition in the Austin area this year.
Completed in 2019, the two-building Park 79 Self Storage consists of a two-story building with air-conditioned indoor units and floor access units and a one-story building with access units. In addition, the property has electronic access, secure fencing, 24-hour surveillance, an elevator to the upper floor, and a focused customer service desk. on retail.
The facility is located on 3.18 acres at 244 Benelli Dr. in Hutto, a northern suburb approximately 45 miles from downtown Austin. With over 400 feet of frontage and prominent signage along E. Palm
Valley Boulevard (Highway 79), Park 79 Self Storage is visible to approximately 35,000 vehicles per day. There are over 63,000 residents with an average family income of over $ 128,000 within a three mile radius of the property, and the population is expected to grow at an annual rate of 2.74% over the next five years.
“There is significant development activity within a three-mile radius of Park 79 Self Storage, including 4,600 new single-family homes and 200 apartments in addition to the thousands of existing homes,” Mellon said. “The metro leads the country in terms of population growth, fueled in large part by the highest rate of immigration with a staggering 169 people settling in the city every day.”
“Austin is a hot spot for tech companies relocating from across the United States, increasing customer demand for self-storage facilities like this,” Somoza added. “The demographics surrounding Park 79 Storage, LLC are strong, with nearly 29% of the 17,670 households within a five mile radius designated as occupied tenants. “
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.