AUSTIN--Leon Capital Group, a Dallas-based real estate development and investment firm, is getting into the self-storage game.
The company has announced its first acquisition, partnering with Move-It Management to purchase A-A-A Storage, located at 15725 Highway 29, in Liberty Hill.
The storage facility was constructed in 2003, and consists of 460 units and 68,160 rentable square feet. Over the next six months, the property will undergo numerous capital improvements, and Move-It Management will implement its cloud-based management platform and a revamped marketing plan to drive efficiencies at the facility.
“The self-storage industry possesses strong underlying fundamentals which we feel will continue for the foreseeable future due to current U.S. demographic trends,” Jake Walker, vice president of retail development/Central Texas, Leon Capital Group, told GlobeSt.com. “It's an asset class which has quietly out-performed all major real estate sectors over the last 15 years. However, we believe there is still ample room for innovation and value-creation through revamping antiquated operational platforms which exist within this highly fragmented industry.”
Liberty Hill, northwest of Austin, is also the site of the new 600-acre Clearwater Ranch master-planned community. The Lookout Group, a Houston-based firm, will develop Clearwater Ranch.
According to Leon Capital Group, plans are in place to continue growth in the self-storage platform through acquisition and development in select markets across the country. The company intends to deploy $200 million in equity on self-storage opportunities, and is working on five more self-storage transactions, which should be completed by the end of the third quarter this year.
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