Silver Star Properties REIT, Inc. Makes First Acquisition in the Self Storage Space

HOUSTON, Dec. 19, 2023 /PRNewswire/ -- Silver Star Properties REIT, Inc. ("Silver Star" or the "Company") a Houston based real estate investment trust announced today that it is acquiring two self storage facilities located at 2505 Southwest Freeway and 4250 Southwest Freeway inside the Loop 610 in Houston, Texas. 

• Kirby – 2505 Southwest Freeway – A 51,940 square foot, three (3) story building located at 2505 SW Fwy approximately one (1) mile from Rice University.
• Weslayan – 4250 Southwest Freeway – A 63,186 square foot, three (3) story building located at 4250 SW Fwy approximately one (1) mile from the Galleria area.

These two institutional class A self storage facilities have been managed by Advantage Self Storage and have had stable occupancy for the better part of the last two decades. Both facilities are located inside Loop 610 in the Greenway Plaza area with affluent demographics. This transaction satisfies a 1031 exchange for a Company subsidiary and provides a big step in the planned pivot to the self storage asset class. Both properties combined have a physical occupancy of approximately 88% and provide opportunity to improve performance.

"This acquisition reflects our commitment to acquiring institutional quality self storage properties as directed by the board approved pivot plan and the commitment to protecting shareholder value through a 1031 exchange," shared Silver Star's President and Co-CEO David Wheeler. 

About Silver Star Properties REIT, Inc.

Silver Star Properties REIT, Inc. headquartered in Houston, Texas, is a real estate investment trust which owns self storage, office, and retail space. Our properties are located in Houston, Dallas and San Antonio, Texas.

Contacts:
David Wheeler, President and Co-CEO
(469) 831-4819

Investor and Media Relations
[email protected]

Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "anticipate," "estimate," "expect," "intend," "may," "should" and similar expressions, and variations or negatives of these words. They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the SEC, particularly those described in our most recent Annual Report on Form 10-K, which was filed with the SEC on May 26, 2023 ("Annual Report") and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's other filings with the SEC for a more complete discussion of risks and other factors that could affect any forward-looking statement. The statements made herein speak only as of the date of this press release and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements. 

SOURCE Silver Star Properties REIT, Inc.