LAKEWAY, TX-A 100,000-sf, 742-unit self-storage facility is in the hands of a San Diego investment group. The sale price for the off-market pickup is unavailable, but similar properties have traded for $55 per sf to $60 per sf.

HKD Investments of Austin has sold the 91%-leased Hill Country Climatized Storage at 15616 Stewart Rd. to Equity Based Services Inc. Mark A. Villanueva and Don Clements, self-storage investment associates for Marcus & Millichap Real Estate Investment Services in Austin and Houston, respectively, represented buyer and seller. The holding had been part of a three-property portfolio.

“We were quietly marketing the entire portfolio when the buyer came to us,” Villanueva tells GlobeSt.com. “The buyer was taking advantage of a very hot market for storage.” He says the facility attracted a good offer from the buyer because of its location in a high-traffic area with high-end demographics. “It was also one of the nicest facilities on the market,” he adds. “Great demos, great growth and high rent drove the price.”

The new owner has renamed the facility to Hill Country Self Storage. It was built in 2004 on 3.6 acres.

HKD Investments has a 62,000-sf complex at 1150 Loop 337 in nearby New Braunfels on the market for $5.9 million. The package’s third piece, 90,000 sf at 3621 E. Whitestone Blvd. in Cedar Park has been pulled off the market.

Villanueva, like others in the specialty field, acknowledges that self-storage facilities are gaining in popularity among investors. “Storage has become almost a retail business,” he says. “There’s a lot of capital coming into the market looking for storage facilities.”

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