Funds facilitated AVAD Capital’s acquisition of a nine-property portfolio in Midland and Odessa, Texas
News release
11 February 2025
JLL secures financing and joint venture equity for Texas self storage portfolio
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DALLAS, Feb. 11, 2025 – JLL Capital Markets announced today that it has arranged financing and equity for the acquisition of a nine-property, 5,180-unit self-storage portfolio in Midland and Odessa, Texas.
JLL’s National Self Storage team marketed the portfolio for sale and worked on behalf of the buyer, AVAD Capital, to arrange fixed-rate acquisition financing from 3650 Capital and Goldman Sachs. In addition, JLL facilitated the formation of a new investment partnership between AVAD Capital and Etude Capital.
“As native Texans with West Texas roots, we are pleased to increase our footprint in Texas with an attractive addition to our portfolio,” said Tim Springer, Founding Partner of AVAD Capital. “JLL Capital Markets helped us to tell the story of value and to arrange debt and equity capital through partnerships with a long-term view.”
The portfolio is strategically located throughout Midland and Odessa, which is part of the Permian Basin. This area is the highest producing oil field in the U.S., supporting a thriving and affluent community that generates outsized self-storage demand.
JLL’s Capital Markets Debt and Equity Advisory team representing AVAD Capital was led by John Bauman and Kris Lowe who were supported by Luke Rogers and Scott Cole.
“Our longstanding relationship with AVAD Capital and deep respect for their firm make this collaboration particularly rewarding. We're proud to have contributed to their strategic acquisition of this portfolio, and we are confident in their ability to maximize the potential of these assets under the Avid Storage brand,” said Bauman.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About AVAD Capital
Based in Dallas, AVAD Capital is a commercial real estate investment company that targets multiple verticals, including self storage, multi-family, and recreational real estate, through acquisition, development, and value-add expansion. Through Avid Storage, its wholly owned subsidiary and operating brand, AVAD Capital owns or manages approximately 23,000 units and 3.1 million square feet of rentable storage space. To learn more, please visit: avadcap.com.