The facility features climate-controlled and traditional units
January 16, 2019: The Austin based real estate developer Capella Capital Partners, has opened its multi-story self-storage facility in Buda. The facility features climate-controlled and traditional units. The property will be managed by self-storage real estate investment trust (REIT) Public Storage Inc. The new self storage facility will be branded under its name.
The Buda City Council has approved a special-use permit to allow a self-storage facility proposed by Capella Capital Partners. The company conducted a market-research study and determined the best use of the vacant property was self-storage. The Managing Partner of Capella Todd Dailey suggested to the council the only other retail suitable for the site would be class-C uses, such as automotive shops, gas stations or a nail salon.
The building site is currently used to store vehicles. The operation produces an annual profit of $3,000, while the self-storage facility is projected to generate $13,000 annually, As per the source.
The Capella Capital Partners has development and investment interests in mixed-use and multi-family projects in addition to self-storage. It is an affiliate of real estate services firm Capella Commercial.