- Pflugerville Storage is a core, off-market acquisition of a purpose-built second-generation storage facility in a high growth, high-barrier to entry Austin submarket. The property is a two-story, 75,245 square foot, 546 unit storage facility in Austin, Texas.
- Built in 2014, this facility is 76% climate controlled with additional drive-up, non-climate-controlled units around the perimeter.
The U.S. self-storage sector has been a desirable property type over the last decade due to its low capital expenditures profile, low operational intensity, and low obsolescence risk. Given the inherent noncyclical demand drivers, this property type is considered a defensive property type and has ultimately outperformed traditional sectors throughout multiple real estate cycles.
Self-storage has proven to be one of the best performing sectors over the past several decades. Consequently, this has created a lot of enthusiasm for Nuveen to identify new partners and expand our storage pipeline.