Silver Star Properties REIT announced that it acquired two self-storage facilities located at 2505 Southwest Freeway and 4250 Southwest Freeway inside the Loop 610 in Houston.
Kirby, located at 2505 Southwest Freeway, is a 51,940-square-foot, three-story building located approximately one mile from Rice University.
Weslayan, located at 4250 Southwest Freeway, is a 63,186-square-foot, three-story building located approximately one mile from the Galleria area.
These two institutional class A self-storage facilities have been managed by Advantage Self Storage and have had stable occupancy for the better part of the last two decades.
This transaction satisfies a 1031 exchange for the company subsidiary and provides a big step in the planned pivot to the self-storage asset class. Both properties combined have a physical occupancy of approximately 88 percent and provide opportunity to improve performance.
