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|Number of units||1174|
Offering Price - Unpriced
Rentable Square Feet - 141,988
Number of Units - 1,174
Occupancy - Economic – 44%; Physical – 55%
Offer Deadline - February 5, 2021
Two New Self Storage Assets in Austin, TX
The offering provides the opportunity to acquire two institutional quality self storage facilities located in Austin, TX which were completed in September 2019 (CubeSmart - Bee Cave) and July 2018 (All Stor South Congress). Both facilities were constructed to Class A standards with all modern features and amenities. With a combined physical occupancy exceeding 55% over the course of their short leasing history, the properties are poised to rapidly achieve stabilization and are well positioned for revenue growth through rate increases.
Strong Growth Trends
The properties are located in rapidly growing submarkets in close proximity to numerous emerging residential developments. The annual population growth projections for 2020-2025 within a three-mile radius of the properties exceed national projections, as shown below.
- CubeSmart - Bee Cave – 3.60%
- All Stor South Congress – 2.39%
- United States – 0.72%
Thriving Austin Economy
As one of the nation’s top economic performers, Austin is a vibrant city with a young, highly educated population that attracts business and tourism. The metro leads the nation in terms of population growth, fueled largely by the strongest rate of in-migration with an impressive 169 people moving to the city every day. The population explosion of the Texas capital, which reached approximately 2.1 million last year, is projected to grow faster than any other large U.S. city in the next 25 years.