HOUSTON—The metro posted the second largest population gain of any US area in 2016 and was named the third best city for future job growth by Forbes in 2017. As a result of the increased population, self-storage facilities are gaining in popularity here.
In the latest transaction, Passco Companies, in joint-venture partnership with Patriot Self Storage Management, acquired a self-storage property in the River Oaks residential community. The purchase is comprised of a self-storage facility with 54,294 square feet of rentable space and 1,000 square feet of wine storage.
“This purchase offered the opportunity to acquire a high performing self-storage asset in a market that is primed for strong economic growth,” says Scott Allen, president of Passco Companies Development. Indeed, Houston has continued to experience strong population gains, quality demographics and year-over-year job growth. Its diverse and growing local economy will continue to drive demand for these types of properties during the next several years.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
