9-property Extra Space Storage portfolio trades hands
JLL Capital Markets led the sales efforts for the 5,180-unit portfolio located in Midland and Odessa, Texas
HOUSTON, Feb. 3, 2025 – JLL Capital Markets announced today that it has completed the sale of a nine-property, 5,180-unit self-storage portfolio in Midland and Odessa, Texas.
JLL represented the seller, Extra Space Storage, and procured the buyer, AVAD Capital.
The institutional-quality portfolio totals 782,998 rentable square feet in best-in-class assets strategically located throughout Midland and Odessa. The assets are positioned in the Permian Basin, the highest producing oil field in the U.S., generating a thriving and affluent community with outsized self-storage demand.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Steve Mellon and Brian Somoza and Directors Adam Roossien and Matthew Wheeler.
“This purchase provided AVAD Capital the unique opportunity to acquire a market-dominating aggregation of institutional-quality, self-storage facilities within a top-performing Texas market,” said Mellon.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’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 group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Extra Space Storage
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of September 30, 2024, the Company owned and/or operated 3,862 self-storage properties, which comprise approximately 2.7 million units and approximately 296.0 million square feet of rentable storage space operating under the Extra Space, Life Storage and Storage Express brands. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States For more information, please visit extraspace.com.
About AVAD Capital
Based in Dallas, AVAD Capital is a commercial real estate investment company that targets multiple verticals, including self-storage, multi-family, and recreational real estate, through acquisition, development, and value-add expansion. Through Avid Storage, its wholly owned subsidiary and operating brand, AVAD Capital owns or manages approximately 23,000 units and 3.1 million square feet of rentable storage space. To learn more, please visit: avadcap.com.