Private real estate investment firm Variant Commercial Real Estate LLC purchased a bank-owned self-storage property in Pasadena, Texas. The facility has more than 90,000 rentable square feet with 759 units, some of which are climate controlled. The acquisition brings Variants total self-storage holdings to almost 400,000 square feet.
Variant hired Morningstar Properties LLC to manage the facility. The purchase was brokered by Barbara Guffey of HFF (Holliday Fenoglio Fowler LP), a provider of commercial real estate and capital-markets services.
Variant Commercial Real Estate LLC has offices in Arizona, California, Oregon and New York. The company focuses on commercial acquisitions in multifamily, self-storage, hospitality assets and office. Variant anticipates closing $500 million in new acquisitions over the next two years.