NexPoint Storage Partners Inc., a real estate investment platform focused on the self-storage sector and affiliated with NexPoint Advisors, has bought 29 self-storage properties developed by Safstor.
The markets of the newly acquired properties include Baltimore, Cleveland, Detroit, Houston, Miami, Fort Lauderdale, Nashville, New Orleans, Philadelphia and Washington D.C. The deal brings NexPoint Storage to a total asset value of approximately $1.7 billion with 71 wholly owned and operated properties and one additional property expected to open in February 2023.
“This platform, which includes 17 additional properties owned by Delaware statutory trusts that we have a right to acquire in the future, comprises a $2 billion asset value portfolio, which we believe would be one of the largest privately-held self-storage portfolios in the U.S.,” states John Good, CEO of NexPoint Storage.