Investment Overview

Crowley Space Station is a 299-unit self-storage facility in Crowley, Texas. Crowley is located in the Dallas-Fort Worth metroplex, and it is in the middle of an unprecedented growth phase due largely to the development of the Chisholm Trail Parkway, a 27 managed tollway developed in 2014 that extends south from Fort Worth to Cleburne less than three miles away. The 64,210 rentable-square foot facility contains 201 drive-up units, 62 covered parking spaces, and 36 uncovered parking spaces on approximately 5.19 acres (two parcels) of land.   The real estate is located outside Crowley’s city limits in the Fort Worth extraterritorial jurisdiction, and if a new owner wanted to replace the covered and uncovered parking with conventional self-storage units, initial research the Tarrant Co. Fire Marshal will be the only entity from whom a new permit will be required. The facility was built by the current owner in 2004, and occupancy rates were consistently in the upper 90 percent range until ill health befell him in early 2025. Operating performance has suffered since then, but the fundamentals of the local trade area remain strong, and the opportunity for value creation is more legitimate today than ever – despite the fact self-storage supply has increased over the past decade to accommodate a population base that has grown by 35 percent in the past decade.   To be sure, a number of new residential and commercial real estate projects are either underway or in the planning stages. Of particular note is Wal-Mart’s acquisition of the approximately 6.50-acre tract of raw land located directly across from Crowley Space Station in 2014 (the same year the Chisholm Trail Parkway was delivered). Furthermore, as of February 2026 there are 21 residential (multi-family, single-family, duplexes, master-planned communities) developments either underway or in the planning stages within a three-mile radius of the facility. Offered below its replacement cost at only $46.72 per rentable-square foot, the $3,000,000 list price is projected to return unlevered yields in excess of 6.5 percent Year One, and Pro Forma unlevered returns in excess of 9.5 percent. Should a new owner use debt to purchase the asset, Year One and Pro Forma returns are projected to approach 7 percent and 13 percent, respectively.