The site has no improvements and is located 7.5 miles southwest of Austin-Bergstrom International Airport on the south side of Highway 45 between the Creedmoor and Clover Hill communities. This property is also 4.2 miles southwest of the Fund’s Highway 183 site (see above). The surrounding area is rural with some industrial activity mixed in. Traffic count on Wright Rd is approximately 500 cars per day, but has good visibility to Highway 45, which has approximately 22,000 cars per day. The Fund intends to develop both self-storage and industrial space at this location. The self-storage project is anticipated to be built in two phases, totaling approximately 83,414 net rentable square feet at an estimated cost to construct (including land acquisition costs) of $9,175,540. A mix of climate-controlled and standard units is planned for Phase I, and the unit size and percentage of climate-controlled units will be adjusted in Phase II based on lease-up activity in Phase I. The 5-mile radius data shows 5.6 square feet of self-storage per capita, and four other projects planned in the area. The 5-mile area has a population of 73,000, with a projected growth rate of 5.8% over the next five years. The office/warehouse flex project is anticipated to be built in phases totaling approximately 159,000 net rentable square feet at an estimated cost to construct (including land acquisition costs) of $23,055,000. The sub-market is defined as being within a 5-mile radius of the subject property. The 5-mile radius is used to include Buda, Bluff Springs, Creedmoor, Mustang Ridge and the area between. CoStar market data shows 551,000 square feet of industrial/flex space in the defined sub-market, with a vacancy rate of 7.8%, an absorption rate up 47.3% from the prior 12 months (to 6.7K SF), and no new supply currently under construction.