Andover Properties Acquires Self Storage Facility in Buda, Texas
Andover Properties (dba Storage King USA) has recently acquired a 62,000 SF, self storage facility in Buda, TX. Buda is located fifteen minutes south of downtown Austin and is the fastest growing city in Texas with a population over 10,000 people. The property sits on 6.8 acres and is composed of a mix of climate, drive up, and covered RV storage across 395 units.
“This acquisition further increases our presence in the dynamic I-35 corridor between Austin and San Antonio,” said Zach Harding, Andover’s Chief Investment Officer. “We are long term believers in this entire area. Population growth near the facility has been robust at 6% annually over the past five years and is expected to continue at a 3.4% annual pace over the next five years. Additionally, household incomes are strong at $95,000+.”
Michael Wachsman, Andover’s Director of Acquisitions, adds: “This acquisition is another example of how Andover provides sellers with certainty of execution: we submitted an offer within 24 hours of receiving the opportunity, and closed all-cash.”
The Storage King USA portfolio now totals 130 facilities in 16 states across the country, with 41 stores in Texas.
About Andover Properties, LLC
Andover Properties, LLC is an investment firm that owns, operates, and develops commercial property throughout the United States. The firm focuses on self storage, RV, car wash, retail, and industrial assets. We are one of the largest private owner-operators of self storage facilities in the United States. Our current portfolio totals over 9.9 million rentable square feet across 130 facilities in 16 states and operates under our Storage King USA brand (https://www.storagekingusa.com).
We are a best-in-class, vertically-integrated, owner-operator with entrepreneurial spirit and expertise in acquisitions, development, capital markets, investment structuring, property management, and asset management. Our senior leaders have over 200 years of combined real estate experience and our investors and partners include global institutional investors and high net worth individuals.
Andover was founded in 2003 by Brian and William Cohen and is headquartered in New York City with offices in Miami and San Francisco.