JLL Capital Markets announced today that it has closed the sale of Park 79 Self Storage, a 780-unit, CubeSmart-branded self-storage facility in the growing north Austin-area community of Hutto, Texas.
JLL worked on behalf of the seller, Park 79 Storage, LLC. Wasatch Storage Partners purchased the asset, which is managed by CubeSmart. This is Wasatch Storage Partners’ fourth Austin-area acquisition this year.
Completed in 2019, the two-building Park 79 Self Storage consists of one two-story building with interior climate-controlled units and ground-level drive-up units and one single-story building with drive-up units. Additionally, the facility has electronic access, secure fencing, 24-hour surveillance, elevator access to the upper floor and a retail-oriented customer service office.
The facility is situated at 3.18 acres at 244 Benelli Dr. in Hutto, a northern suburb approximately 28 miles from downtown Austin. With more than 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 household income of over $128,000 within a three-mile radius of the property, and the population is projected to grow at an annual rate of 2.74 percent over the next five years.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon.
“There is significant development activity within three miles of Park 79 Self Storage, including 4,600 new single-family homes and 200 apartment units in addition to the thousands of existing homes,” Mellon said. “The metro leads the nation in terms of population growth, fueled largely by the strongest rate of in-migration with an impressive 169 people moving to the city every day.”
“Austin is a hot spot for tech companies relocating from all over the U.S., increasing customer demand for self-storage facilities like this one,” Somoza added. “The demographics surrounding Park 79 Storage, LLC are strong, with nearly 29 percent of the 17,670 households within a five-mile radius designated as renter occupied.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.