Virtus Real Estate Capital, a real estate private equity firm, has acquired AAA Storage at 15814 Mueschke Road in Cypress, Texas. The 61,250-square-foot facility is the second self-storage acquisition in the Houston area and fifth in Texas for the Austin, Texas-based firm that is actively building out the portfolio in its home state.
"This site is located in the middle of one of the fastest growing ZIP codes in the state and stands to benefit from the strength of Houstons economy, a population experiencing significant growth, and the expansion of key infrastructure projects in the northwest corridor. All of these elements make the property a prime target for Virtus," said Scott Humphreys, acquisitions manager.
Originally built in 2008, AAA Storage Mueschke underwent a significant expansion in 2012 that doubled the facilitys size to 417 units.
Uncle Bobs Management has been hired to run the facility's onsite operation. The Cypress site is its 45th store in the Houston area.
Since its inception in 2003, Virtus has acquired more than $2 billion in commercial real estate assets, including more than $100 million in self-storage. The companys strategy is to acquire commercial niche properties that serve the high-growth segments of the U.S. population, including medical offices, self-storage, senior living and student housing. Virtus is actively seeking opportunities to acquire self-storage properties in its target markets.
AAA Storage owns and operates self-storage facilities throughout Florida, Illinois, North Carolina, Oklahoma, Tennessee and Texas. The company's facilities offer climate control and boat/RV storage. Many of its locations are also Approved Postal Providers, providing a variety of packing and shipping services including stamps and FedEx shipping.
Uncle Bobs Management is owned by Sovran Self Storage Inc., a real estate investment trust in the business of acquiring and managing self-storage facilities. Headquartered in Buffalo, N.Y., Sovran is one of the largest self-storage operators in the country, with facilities across 25 states. The company ranked No. 5 on the Inside Self-Storage 2013 Top-Operators List.