Leon Capital Group, a Dallas-based real estate development and investment firm, recently launched a self-storage investment platform and acquired its first asset. The company purchased A-A-A Storage in Liberty Hill, Texas, in partnership with Move It Management LLC, a Dallas-based self-storage management company that also owns facilities.
Leon Capital plans to deploy $200 million in equity on self-storage opportunities and grow its portfolio through acquisitions and development in select markets nationwide, company officials said in a press release. The firm has five more storage-property transactions in the pipeline that it expects to be closed by the end of September.
The Liberty Hill property at 15725 Highway 29 was built in 2003 and comprises 68,160 rentable square feet in 460 units. The facility will undergo renovation during the next six months. As part of its partnership, Move It plans to implement its cloud-based management platform and pursue a “revamped marketing plan to drive efficiencies,” according to the release.
“With our move into self-storage acquisitions and development, we are focusing on assets that are in highly sought-after, growing communities,” said Fernando De Leon, founder and CEO of Leon Capital. “Liberty Hill fits that bill, and with the expertise and track record of our partner, Move It Management, behind the project, we anticipate this facility will generate substantial returns for our investors.”
Liberty Hill is one of the fastest-growing communities in the greater Austin metropolitan area. Its school district is highly rated and has grown more than 25 percent in the last four years, according to the release. The city is also the site of a 600-acre master-planned community called Clearwater Ranch, which is under development.
Move It Management owns or manages more than 35 self-storage properties across the nation. Its facilities operate under the Move It Self Storage brand name.
Leon Capital has more than $1.5 billion in completed real estate transactions and assets worldwide. Its portfolio includes acquisitions, land development and existing building infrastructure in the multi-family, mixed-use, office, retail and self-storage categories.