Austin-based commercial firm CSW Development has sold off a self-storage facility in West Dallas. The financial terms were not disclosed, but the buyer plans to rebrand the 1,252-unit facility under the Go Store It self-storage moniker.
Charlotte-based Madison Capital Group bought the facility, located at 2500 Lone Star Drive off Interstate 30, which offers 117,503 rentable square feet that is currently about 50 percent occupied.
Self-storage enjoyed a nationwide surge during the depths of the pandemic, as people reconfigured their living spaces to accommodate home offices, and the boom continues, with more than 131 million additional square feet in the pipeline as of May this year.
That figure is expected to rise even further throughout the year, and in Dallas-Fort Worth especially, the sector has seen major sales. One of the largest came about a year ago, when Public Storage spent $1.5 billion on 56 self-storage facilities across the Dallas-Fort Worth and Oklahoma City markets.
“Self-storage continues to draw a tremendous amount of investor interest, particularly in the thriving Dallas Fort Worth metro, which has seen a population increase of more than 20% from 2010 to 2020, outpacing the national average,” said Steve Mellon, managing director at JLL, who led the team that brokered that sale.
The immediate area surrounding the CSW property has a total population of over 130,000, and there are approximately 1,000 additional multifamily units planned for the area within the next few years, according to a press release.
Indeed, continued investment in multifamily across the DFW metro has surged during the recent housing boom, and the numbers are only expected to increase as more people move to the area from out-of-state.
CSW even recently invested in multifamily just this month, filing plans to build a 552,000-square-foot multifamily complex in Austin for $67 million.
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