Andover Properties Closes on “Hwy 6 Storage” in Houston, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Hwy 6 Storage in Houston, TX, marking its sixth acquisition in the Houston MSA and 22nd facility in the state.
Hwy 6 Storage is an ~49,000 NRSF and 382-unit multi-story facility, consisting of climate-controlled, drive-up, and open parking units. The facility sits right off the heavily trafficked State Highway 6 and is surrounded by significant residential and retail. “This was a very attractive opportunity, as this facility is one of the newest in the market with most of the competition having been built in the early 1980’s” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “The facility enjoys stabilized occupancy and will fit in well with our portfolio footprint, especially as we own another facility just 5 miles away.”
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development and management of industrial, retail and self storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals. Since inception in 2003, Andover Properties, LLC has owned or managed self storage assets totaling 8.5 million rentable square feet across 64,650 units. Currently the firm owns and manages 94 self storage facilities in 16 states totaling over 7.1 million rentable square feet and 52,700 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).