National REIT acquires Austin-area self-storage facility
JLL Capital Markets arranges sale of the 709-unit Oak Hill Self Storage facility outside of Austin, Texas.
HOUSTON, Feb. 14, 2023 – JLL Capital Markets announced today that it has closed the sale of Oak Hill Self Storage, a 709-unit self-storage facility located along W. Hwy 71 in Austin, Texas.
JLL marketed the property on behalf of the seller, The Jenkins Organization, and procured the buyer, Extra Space Storage.
Completed in 2019, Oak Hill Self Storage is comprised of 93,813 rentable square feet and features true class A construction and amenities. The facility is 97% climate controlled and is equipped with three covered loading zones, automated gate access, oversized elevators to access the upper floors, and a full suite of state-of-the-art building features.
Oak Hill Self Storage is strategically located within an affluent area of Southwest Austin that benefits from high barriers to entry, limited competing supply, and strong population growth. Positioned on 7.65 acres at 7901 W. Hwy 71, the property offers visibility to more than 23,000 vehicles per day and draws from a growing population of 48,500 residents within a three-mile radius boasting an average household income of more than $162,000.
The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Brian Somoza and Steve Mellon and Directors Adam Roossien and Matthew Wheeler.
“Oak Hill Self Storage is a best-in-class piece of real estate with an ideal location in Austin, a market that continues to benefit from outsized job growth and population in-migration,” said Steve Mellon. “The Jenkins Organization is a top self-storage developer, and the quality of the facility reflects their level of expertise. We are happy to see Extra Space add the asset to their portfolio.”
JLL Capital Markets 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 and sales 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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Jenkins Organization, Inc.
The Jenkins Organization, Inc. (TJO) is a fully integrated real estate company specializing in the self-storage and RV park industries with expertise in the areas of acquisition, development, ownership, management, and disposition. Based in Houston, Texas, the award-winning company was launched in 1989 by Ricky L. Jenkins, sole owner of TJO. Celebrating its 33rd anniversary, The Jenkins Organization has over $1 billion of commercial real estate assets under management, including $750 million in owned assets. To learn more, please visit: jenkinsorg.com.
About Extra Space Storage, Inc.
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, 2022, the Company owned and/or operated 2,327 self-storage properties, which comprise approximately 1.6 million units and approximately 175.1 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States. For more information, please visit extraspace.com.