Simply Self Storage announced, Oct. 6, the strategic acquisition of eight properties in Texas as part of their plan to continue investing in high-growth sub-markets with consistent growth potential and favorable demographic trends. The deal consists of seven self storage properties in Houston and one in Dallas, accounting for more than 680,000 net rentable square feet. Simply Self Storage thus expands its offerings within these markets and continues to provide customers with more diversified and customizable solutions for their storage needs and preferences.
Simply Self Storage is a Blackstone portfolio company operating facilities in 23 states across the country, totaling 11 million square feet of storage space – roughly 80,000 units. The company’s properties and services aim to meet various storage needs by providing an array of secure and convenient options. The acquisition of the eight Texas properties is part of Simply Self Storage’s attempt to accelerate its national growth and activity in top-performing markets.
“Houston and Dallas represent two of the most attractive submarkets in Texas, and we expect each will continue to benefit from strong consumer demand” said Scott Levy, Executive Vice President, Investments at Simply Self Storage.
The seven new properties of the Houston portfolio provide around 620,000 net rentable square feet in their 3,600 storage units. More than 200,000 square feet of the total rentable space represent climate-controlled storage. Moreover, all facilities are visible, easily accessible and located in the highest growth areas of Houston. The city is known to benefit from a strong consumer base and high occupancy rates. Centrally located in a mature residential neighborhood, the Dallas property features almost 66,000 net rentable square feet.
Overall, there are no less than 25M square feet of storage space in Houston and almost 10M square feet of storage space in Dallas, according to Yardi Matrix.
