Andover Properties Closes on “Liberty Hill Storage” in Liberty Hill, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Liberty Hill Storage in Liberty Hill, TX, marking its second acquisition in the Austin MSA and 19th facility in the state.
The single-story property is 91,500 NRSF with an even mix of climate-controlled, drive-up, and covered RV units, in addition to outdoor parking spaces. The property, built in 2016 and further expanded at the end of 2018, has frontage along W State Hwy 29, which is a four-lane road with over 15,000 vehicles traversing it daily. “We are pleased with the lease-up pace of the facility and look forward to expanding our presence in the major cities of the state,” remarks Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Our business plan is to repaint the facility to make it pop and improve its overall street presence, and to implement a comprehensive marketing as well as rate management program to move in-place rents toward the market.”
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 its inception in 2003, Andover Properties, LLC has owned or managed self-storage assets totaling 8.2 million rentable square feet across 62,150 units. Currently, the firm owns and manages 89 self-storage facilities in 16 states totaling over 6.85 million rentable square feet and 50,200 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).