KAHULUI–DXD Capital, a self-storage private equity investor, announced Friday the groundbreaking of a new Class A storage facility in Kihei, according to a press release.
According to DXD Capital, the facility will have 357 individual storage units totaling 45,863 net rentable square feet located in the Maui Research & Technology Park in Kihei.
The self-storage facility will feature drive-up non-climate-controlled units designed to be especially helpful to the commercial customer base on Maui. The facility is expected to open in the first quarter of 2025.
“DXD was offered the chance to construct self storage facilities on Maui through a local connection,” said Drew Dolan, principal and fund manager. “For me this opportunity represents a career highlight–a chance to be part of the booming Maui Research and Tech Park, which has excellent fundamentals for self storage and extreme barriers to entry.”
The property was acquired in April 2023 through DXD’s second fund, DXD Self Storage Fund II, which launched in June 2022 and has since invested in seven self storage developments and one seven-facility portfolio acquisition across the United States, according to the company.
RYCON will serve as the general contractor, and American Savings Bank was the construction lender. Extra Space will manage the facility, the groundbreaking announcement reads.
DXD Capital
December 05, 2021
