Self-storage operator AC Self Storage Solutions LLC recently acquired Go Store It, an 870-unit self-storage facility in the Houston suburb of Pasadena, Texas.
Built in 2004, the facility encompasses 144,605 rentable square feet. It had a physical occupancy of 85 percent at the time of the sale. The facility will be rebranded AC Self Storage of Pasadena.
The transaction required the assumption of an existing commercial mortgage-backed securities loan that was serviced by Wells Fargo. The loan was approximately 64 percent of the purchase price.
This is definitely one of the more attractive self-storage facilities Ive seen, said Troy Downing, CEO. The facility has a tremendous amount of curb appeal and is well-occupied in what we believe is a strong market.
AC Self Storage has offices in Carlsbad and Newport Beach, Calif. In addition to owning self-storage, the company offers asset-management services and has more than 1 million square feet of self-storage under management. The company is a joint venture with Axxcess Capital Ventures LLC of Newport Beach, Calif.