Virtus Real Estate Capital, a real estate private equity firm, recently acquired the 61,250 square-foot AAA Storage Mueschke facility in Cypress, Tex. The transaction represents the second self-storage acquisition in the Houston area, and the fifth in Texas for the firm who is actively building out the portfolio in their home state.
Originally built in 2008, AAA Storage Mueschke underwent a significant expansion in 2012 that effectively doubled the facility’s size to 417 units and 61,250 square feet. The Class A self-storage facility is located at 15814 Mueschke Road.
“This site is located in the middle of one of the fastest growing zip codes in the state, and stands to benefit from the strength of Houston’s economy, a population experiencing significant growth, and the expansion of key infrastructure projects in the northwest corridor. All of these elements make the property a prime target for Virtus,” said Scott Humphreys, Acquisitions Manager, Virtus Real Estate Capital.
Uncle Bob’s Management (UBM) has been hired to run the on-site operations of the facility. The Cypress site will be their 45 store in the Houston area, a region where they have had marked success through the implementation of a real-time revenue management program, enhanced Internet presence and SEO, which have all combined to drive average occupancies well over 90 percent.
“Uncle Bob’s Management is excited about growing our relationship with Virtus and adding an additional store to our portfolio in the Houston market. Combining this Class A property with the Uncle Bob’s brand will give us the opportunity to continue to offer a high level of customer service, while providing an exceptional self-storage product to a growing market.”
About Virtus Real Estate Capital
Virtus Real Estate Capital is a private equity real estate investment company based out of Austin, Texas. Founded in 2003, Virtus has acquire over $2 billion of commercial real estate in more than 120 properties across the United States. Virtus investment strategy is to acquire commercial real estate in specific niche property types that serve the highest growth segments of the population in the United States: Self Storage, Student Housing, Medical Office and Senior Living. Virtus is actively seeking out additional opportunities to acquire self-storage properties in their target markets. For more information, please visit: https://virtusre.com/
About Uncle Bob’s Self Storage
Uncle Bob’s Self Storage® is owned by Sovran Self Storage, Inc., (NYSE:SSS) a real estate investment trust (REIT) that is in the business of acquiring and managing self-storage facilities. The Company is one of the five largest self-storage operators in the country, with over 250,000 rental spaces in 25 states. It is a leader in the industry with the resources to execute effective and far reaching web and mobile marketing programs, develop and maintain a proprietary revenue management system, and operate a national call center all based at the Company’s headquarters in Buffalo, New York. For more information, please visit: https://www.unclebobs.com/]]>