Andover Properties Closes on “Kyle Premier Storage” in Kyle, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Kyle Premier Storage, marking its first acquisition in the Austin MSA and fifteenth acquisition in the state of Texas.
The property, a Class-A 82,000 NRSF multi-story facility, sits on highly-trafficked Interstate 35, which sees 144,000 vehicles per day and connects San Antonio to Austin. The facility is comprised mainly of climate-controlled units, in addition to traditional drive-up units. “We are thrilled to enter the Austin market and believe this facility will have very strong performance given its strategic location in the fastest growing county in Texas, Hays County,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This is a trophy asset which opened in 2018. Our strategy is to implement active, institutional management and increased marketing efforts, which will allow us to lease up the facility to stabilization and bring rates up to market.”
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates self-storage facilities in Florida, Georgia, Maryland, Michigan, Mississippi, North and South Carolina, New Jersey, New York, Tennessee, Virginia, Arizona, Ohio, Texas, California, and Colorado under its trade name Storage King USA (storagekingusa.com).
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator and developer of real estate throughout the United States, based in Manhattan, New York.
The firm focuses on the acquisition, development and management of industrial, retail and self storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since inception in 2003, Andover Properties, LLC has owned or managed self storage assets totaling over 6.7 million rentable square feet across 51,750 units. Currently the firm owns and manages 71 self storage facilities in 16 states totaling over 5.3 million rentable square feet and 40,000 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).