Dallas, TX (PRWEB) June 14, 2014
This is the third storage development Advantage has closed in the last 9 months. The Lake Highlands site is situated in an urban infill location with strong demographics in Dallas, Texas. The area’s history of high growth, favorable supply dynamics, high median household income and high visible location, create an ideal opportunity for self storage development.
Advantage has transacted over $20 million of existing storage property and new developments in the last year with a large pipeline of opportunities currently in review. The Lake Highlands project will total 557 units with 65,900 square feet and will be situated approximately 1 mile northeast of Lake White Rock in Dallas, Texas. The proposed facility will complement the surrounding residential and commercial developments by utilizing a class-A “Mid-Century Modern” design.
“Advantage Self Storage is very excited about closing on another joint venture with Harrison Street Real Estate. This infill urban storage development will be an incredible addition to the Advantage and Harrison Street portfolios,” said Rick Jones, CEO of Advantage Self Storage. “The infill markets are poised to consume new inventory of new class A storage space and Advantage and our partners will fill that need,” said Cory Horne, Advantage Self Storage.
Advantage has developed, acquired and operated twenty-nine storage facilities comprising of more than 14,873 units containing more than 2 million leasable square feet. Advantage provides property management services to other storage facility owners in Texas and Oklahoma. Advantage has acquired over time a full suite of expertise in the: design, development, construction, operation and management of storage properties.
About Harrison Street Real Estate Capital
Harrison Street is a real estate private equity firm founded in 2005 that directly and through its affiliates, has over $6.0 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. The firm currently owns approximately $5.4 billion in real estate assets consisting of over 248 properties in 39 states including over 32,000 student housing beds, more than 7,200 senior housing units, over 4 million square feet of medical office space, and more than 33,000 self storage units. Additionally, Harrison Street Securities LLC currently manages over $850 million in REIT securities through distinct long only product offerings. For more information please visit http://www.harrisonst.com.