Hartman Short Term Income Properties XX, Inc
Silver Star Properties REIT (formerly Hartman Short Term Income Properties XX) is a Houston-based non-traded REIT pivoting from Texas commercial office assets to institutional-grade self-storage properties, currently executing a Plan of Liquidation with distribution of storage assets into a NewCo entity for individual REIT shareholders.
- Company typePrivate
- Founded2010
- HeadquartersHouston, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Hartman Short Term Income Properties XX, Inc does
Hartman Short Term Income Properties XX, Inc. operates as Silver Star Properties REIT, Inc., a self-managed, non-traded Real Estate Investment Trust domiciled in Houston, Texas and registered with the SEC. The company markets shares directly to individual investors through a prospectus-based offering, supported by an investor relations line, an Equiniti (EQ) shareholder portal, and a secondary-market channel via LODAS Markets for share liquidity. With approximately 185 million shares outstanding, the equity base is broadly distributed across retail holders, with insider ownership below 10%.
The company historically held a portfolio of commercial office assets concentrated in Houston, Dallas, and San Antonio. Following the 2022 removal of founder Allen Hartman as CEO, the Board — under Executive Chairman and CEO Gerald Haddock — initiated a strategic pivot away from office toward institutional-grade self-storage properties. Execution began in December 2023 with the acquisition of two Houston self-storage facilities through a 1031 tax-deferred exchange, followed by the acquisition of Southern Star Self-Storage and four additional self-storage properties in Texas and Colorado. Operational results at acquired properties show improving occupancy and NOI (Plano NOI more than doubled, Montrose NOI tripled between Q1 2024 and Q1 2025).
Revenue is generated primarily through rental income streams: (i) self-storage unit rentals in secondary Texas and Colorado markets, (ii) net-lease rental income from 16 Walgreens pharmacy properties (~6.2% NOI yield), and (iii) residual income from a shrinking legacy commercial office portfolio (now three actively marketed assets: The Preserve, One Technology Center, 601 Sawyer). As of April 2026, the Board is executing a Plan of Liquidation — selling legacy assets, refinancing storage debt, and distributing cash plus shares of a new entity (NewCo) holding the self-storage portfolio to existing shareholders. Concurrently, Emerson Equity has provided a letter of intent for a $50 million preferred equity raise, contingent on shareholder approval of the pivot, intended to fund further self-storage acquisitions.
Hartman Short Term Income Properties XX, Inc firmographics
Firmographics- Name
- Hartman Short Term Income Properties XX, Inc
- Legal name
- Silver Star Properties REIT, Inc.
- Website
- https://silverstarreit.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Silver Star Properties REIT (formerly Hartman Short Term Income Properties XX) is a Houston-based non-traded REIT pivoting from Texas commercial office assets to institutional-grade self-storage properties, currently executing a Plan of Liquidation with distribution of storage assets into a NewCo entity for individual REIT shareholders.
- Ownership category
- akta.pro rank
Hartman Short Term Income Properties XX, Inc industry classification
Industry- Product category
- Real Estate Investment Trust (REIT)
- NAICS
- Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Real Estate Investment Trusts (6798), Investors, Nec (6799)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industry
- Specialty Storage (Wine, Art, Document Vaults) (HSAKAGAF)
Keywords
Where Hartman Short Term Income Properties XX, Inc is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
Hartman Short Term Income Properties XX, Inc business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Rental Income from Self-Storage Properties: Income generated from renting self-storage units to tenants in facilities located in Houston, Dallas, San Antonio, and other secondary markets. Properties acquired through 1031 tax-deferred exchanges.
- Rental Income from Commercial Office Assets: Legacy commercial office assets in Houston, Dallas, and San Antonio markets. The company is evaluating these assets for sale or hold strategy while transitioning to self-storage.
- Net Lease Income from Walgreens Properties: Net lease income from Walgreens pharmacy properties acquired through 1031 tax-free exchanges. Net operating income yield approximately 6.2%. Properties being evaluated for sale to minimize tax consequences.
- Property Sales and Dispositions: Proceeds from sale of legacy office properties, Walgreens locations, and other assets. Proceeds used for debt reduction and reinvestment in self-storage through 1031 exchanges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Non-traded REIT share investment |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Hartman Short Term Income Properties XX, Inc product offering
Product offeringCore offering
Silver Star Properties REIT is a self-managed non-traded Real Estate Investment Trust that offers investors shares in a portfolio of institutional-grade self-storage properties located in secondary markets (Houston, Dallas, San Antonio, and select Colorado locations), acquired primarily through 1031 tax-deferred exchanges. The company simultaneously manages and is actively divesting a legacy portfolio of six commercial office assets and 16 Walgreens net-lease properties as part of a pivot strategy and Plan of Liquidation announced in April 2026.
Product overview
Silver Star Properties REIT, Inc. is a self-managed non-traded Real Estate Investment Trust (REIT) currently executing a strategic pivot from a legacy portfolio of commercial office and retail assets to institutional-grade self-storage properties. The core product is the REIT itself — Silver Star Properties REIT — which offers shares to investors seeking dividend income and long-term appreciation from commercial real estate. The REIT's primary assets are self-storage facilities (Southern Star and four acquired properties in Texas and Colorado) managed through a hands-on property-level approach using the Neighborly Community Connect marketing playbook, alongside legacy office assets and Walgreens net-lease properties being divested. The company provides a shareholder portal via Equiniti (EQ) for account management and directs investors needing liquidity to LODAS Markets secondary marketplace. The REIT also publishes extensive investor education content on REIT investing. Leadership includes CEO/Executive Chairman Gerald Haddock, COO/President David Wheeler, and CFO/Treasurer Louis T. Fox III.
Differentiator
Problem solved
Functional benefit
Products and services
- Silver Star Properties REIT Non-Traded Shares Non-traded REIT shares offered to individual and institutional investors via prospectus subscription, providing dividend income and long-term capital appreciation through ownership of institutional-grade self-storage properties and legacy commercial real estate assets. Shares are illiquid with no public market; secondary trading is available through LODAS Markets.
- Self-Storage Property Portfolio
Quantifiable outcome
- McKinney Texas property occupancy increased from 64% to 77% within six months
- +4 more outcomes
Companies that use Hartman Short Term Income Properties XX, Inc
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles3 records
Hartman Short Term Income Properties XX, Inc technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Hartman Short Term Income Properties XX, Inc partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Equiniti Trust Company (EQ)coreNew transfer agent engagement represents significant cost savings for the company. Equiniti provides shareholder services including account access, transfer requests, and statements. Formerly VISTRA.
- Southern Star Self-StoragecoreAcquired Southern Star self-storage investment company as entree into the self-storage asset class. Southern Star provides the operational foundation for the company's pivot strategy.
- TranswesternminorThird-party property management firm handling property operations after internal staff reductions. Some engineers transferred from Silver Star to Transwestern.
- CBREminorPrior to joining Silver Star in 2003, COO David Wheeler served as Vice President at CBRE where he completed sale of over nine million square feet including thirteen self-storage facilities. Represented Storage Trust (now Public Storage) in DFW expansion.
Scale indicators12 records
Recent moves10 records
Expansion highlights5 records
Hartman Short Term Income Properties XX, Inc competitors and assessment
Company assessmentBroad incumbents
- Public Storage: Largest publicly traded self-storage REIT with thousands of facilities nationwide. Directly comparable because it competes in the same self-storage asset class Silver Star is pivoting toward, but with vastly greater scale and a public-market capital structure.
- Extra Space Storage: Major publicly traded self-storage REIT with a national portfolio and active M&A program. Comparable as a self-storage REIT competitor and as a benchmark for valuation, acquisition multiples, and operating metrics in the same niche.
- CubeSmart: Public self-storage REIT with national footprint and third-party management platform. Comparable to Silver Star's pivot because it demonstrates the institutional-scale self-storage model Silver Star aspires to via the NewCo spinoff.
- Realty Income Corporation: Large net-lease REIT that includes Walgreens and other retail properties comparable to Silver Star's legacy 16-property Walgreens net-lease portfolio. Reference point for net-lease valuation and disposition strategy.
- Cousins Properties: Sunbelt-focused Class A office REIT with significant Houston, Dallas, and San Antonio exposure. Comparable to Silver Star's legacy office portfolio in the same Texas markets Silver Star is exiting.
Direct peers
- National Storage Affiliates Trust: Public self-storage REIT using a participating-operator franchise model across U.S. secondary and tertiary markets. Highly comparable to Silver Star's strategy of acquiring institutional-grade self-storage in secondary Texas and Colorado markets.
- SmartStop Self Storage REIT: Non-traded and publicly traded self-storage REIT focused on institutional-quality facilities. Direct peer because it shares Silver Star's non-traded REIT origins, institutional-grade storage focus, and secondary-market growth strategy.
- Global Self Storage: Small-cap publicly traded self-storage company operating in secondary U.S. markets. Comparable to Silver Star in scale and market focus; useful benchmark for what a small public self-storage REIT looks like post-listing.
Others
- Brandywine Realty Trust: Office REIT that has undergone its own restructuring and asset disposition programs. Relevant as a precedent for how troubled office REITs execute strategic transitions and recapitalizations similar to Silver Star's pivot.
- EquityMultiple: Online commercial real estate investment platform focused on individual investors in private real estate deals. Comparable as an alternative private-market CRE access point that targets the same individual-investor segment Silver Star cultivates via its non-traded REIT shares.
Market position
Weaknesses4 records
Competitive moat4 records
Key risks7 records
Key highlights6 records
Customer concentration
Hartman Short Term Income Properties XX, Inc social profiles
Digital presenceHartman Short Term Income Properties XX, Inc financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hartman Short Term Income Properties XX, Inc leadership team
Management profileNumber of profiles
Profiles6 records
Hartman Short Term Income Properties XX, Inc funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hartman Short Term Income Properties XX, Inc M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hartman Short Term Income Properties XX, Inc
What does Hartman Short Term Income Properties XX, Inc do?
Silver Star Properties REIT is a self-managed non-traded Real Estate Investment Trust that offers investors shares in a portfolio of institutional-grade self-storage properties located in secondary markets (Houston, Dallas, San Antonio, and select Colorado locations), acquired primarily through 1031 tax-deferred exchanges. The company simultaneously manages and is actively divesting a legacy portfolio of six commercial office assets and 16 Walgreens net-lease properties as part of a pivot strategy and Plan of Liquidation announced in April 2026.
Is Hartman Short Term Income Properties XX, Inc a public or private company?
Hartman Short Term Income Properties XX, Inc is a private company. It is classified as unknown and is currently operating.
When was Hartman Short Term Income Properties XX, Inc founded?
Hartman Short Term Income Properties XX, Inc was founded in 2010. It employs 101 to 250 people.
Where is Hartman Short Term Income Properties XX, Inc based?
Hartman Short Term Income Properties XX, Inc is headquartered in Houston, United States, in the North America region.
How does Hartman Short Term Income Properties XX, Inc make money?
Four revenue lines are on record. Rental Income from Self-Storage Properties are the primary driver. The others are rental Income from Commercial Office Assets, net Lease Income from Walgreens Properties and property Sales and Dispositions.
Who are Hartman Short Term Income Properties XX, Inc's main competitors?
Broad incumbents on record are Public Storage, Extra Space Storage, CubeSmart, Realty Income Corporation and Cousins Properties. Direct peers are National Storage Affiliates Trust, SmartStop Self Storage REIT and Global Self Storage. Others are Brandywine Realty Trust and EquityMultiple.
Does Hartman Short Term Income Properties XX, Inc have an API?
No public API is recorded for Hartman Short Term Income Properties XX, Inc.
What industry is Hartman Short Term Income Properties XX, Inc in?
Hartman Short Term Income Properties XX, Inc's product category is Real Estate Investment Trust (REIT). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of HSAKAGAF, Specialty Storage (Wine, Art, Document Vaults). Its NAICS code is 52599 and its SIC code is 6798.