JLL Capital Markets announced that it has arranged financing and equity for the acquisition of a nine-property, 5,180-unit self-storage portfolio in Midland and Odessa, Texas.
JLL’s National Self Storage team marketed the portfolio for sale and worked on behalf of the buyer, AVAD Capital, to arrange fixed-rate acquisition financing from 3650 Capital and Goldman Sachs. JLL facilitated the formation of a new investment partnership between AVAD Capital and Etude Capital.
“As native Texans with West Texas roots, we are pleased to increase our footprint in Texas with an attractive addition to our portfolio,” said Tim Springer, founding partner at AVAD Capital. “JLL Capital Markets helped us to tell the story of value and to arrange debt and equity capital through partnerships with a long-term view.”
The portfolio is located throughout Midland and Odessa, which is part of the Permian Basin. This area is the highest producing oil field in the United States,
