Rod Lockard joined DXD Capital as its managing director of construction in the winter of 2022. After four years and playing a key role in developing the real estate investment firm's construction program, he will step down from his position effective September 1, 2026.
Lockard does not plan to leave the self-storage industry entirely, but he is ready to take a break and make travel plans with his lovely wife, Elaine. Traveling is an ongoing passion for the couple, and they don't plan to stop anytime soon. While Elaine continues to run a thriving insurance business and Rod looks forward to a future of consulting opportunities, the couple will spend their time in northern New Mexico. They reside in a newly converted home that once served as their town’s general store and now serves as their main residence, home offices, and Elaine’s art studio.
Construction has been a part of Lockard’s entire life. He grew up watching his father work in the industry, launched his own construction business in the 1980s, and later took over the family business. In 2004, Lockard pivoted to the self-storage sector, where he would spend the remainder of his career.
Lockard co-founded Storage Construction in 2015, and after seven years of building storage facilities across the nation, he decided it was time to retire.
That retirement was short-lived, thanks to a call from DXD Capital co-founder Cory Sylvester, who had heard through the grapevine of Rod’s departure.
"I knew about DXD, what they were doing and how they were going about it, and it was very interesting," Lockard said.
Ultimately, Lockard wanted to retire and meant to pass on the opportunity. He explained that he would be traveling for the next couple of weeks and would be unreachable in New Mexico, where he and Elaine had just bought property. To Rod’s surprise, DXD was based in Albuquerque and he couldn’t believe the coincidence. Whether it was perfect timing, serendipity, or pure coincidence, Lockard felt it was meant to be. He joined the newly formed DXD Capital as managing director of construction in February of 2022.
“Bringing Rod onto the team during our early, formative years was an absolute game-changer for DXD, as he took our vision and helped build a world-class construction program. He immediately became an integral part of our success, setting the standard that drives this company forward.” Said Cory Sylvester.
"A steel building is a steel building," Lockard said.
The differentiator is how you build it. The team studied past projects, recording details on what was done right and what was done incorrectly. Today, DXD Capital has refined its process for designing, planning, and constructing Class A, multistory, climate-controlled secure storage facilities nationwide. Rod is proud to have been an integral part of that success.
When asked what he loves most about the self-storage industry, Lockard noted that other construction sectors typically require keeping resources private. Subcontractors, vendors, and other contacts are usually kept close to the chest as a core competitive edge. He discovered that storage operates differently. As he became acquainted with the sector, he attended seminars where professionals spoke openly about how to enter the market and the best ways to build facilities. He was amazed at how freely information was shared. And he liked being part of the new culture.
"The pie was so big back then, and everyone wanted a piece of it," Lockard said, noting there was plenty of room for everyone.
Lockard watched the industry grow quickly. While he has seen many associates move from other construction sectors like multifamily or retail into storage, he has seen almost no companies move from self-storage to another sector.
"It’s all about relationships," Lockard said. "It’s who you know and what you know."
Over his long career, Lockard has noticed that the biggest improvements in the industry have come from technology. He is impressed by data analysis and advancements in artificial intelligence for construction, planning, and design. He is also struck by the autonomous security features developed to operate the facilities.
"If you would have told me 20 years ago that I could have access to a secured property, entry to a secure building, open up my storage locker and pay my bill all with my phone, I would have thought you’ve lost it," Lockard said.
The industry has grown, and competition has increased. Lockard admits the market share has tightened, but he is happy to see the industry thriving. As a veteran of the modern storage industry, Lockard has witnessed significant change.
"When we first started having industry conferences, you’d maybe see three self-storage general contractors in the whole place," Lockard said. "Now, there’s about three self-storage general contractors on every aisle."
"Having the opportunity to work with Rod was a pivotal moment in DXD's evolution. Rod is a self-storage legend. He has an amazing reputation in the industry, and when he talks about building self-storage, you better listen because Rod knows what he is talking about.” Says Drew Dolan, co-founder of DXD Capital.
"It's an industry that you just want to stay a part of," Lockard said.
And from those of us in the industry, Rod, we all hope you do.