Albuquerque-based DXD Capital, a self-storage investor and developer, recently purchased 2.34 acres with joint venture partner, InSite Property Group, in the Kapolei Business Park located on Kalaeloa Boulevard in Kapolei, HI. InSite will develop and operate the asset for the partnership under its SecureSpace brand.
Construction on the new 853-unit facility is scheduled to begin development in August 2022 with opening scheduled for September 2023.
“While the pandemic and other economic changes have helped with the growth of self storage, we are confident in the long-term trajectory of the industry,” said Drew Dolan, DXD Capital principal and fund manager. “Oahu and Kapolei in particular have exemplary fundamentals and demand to warrant a new self-storage facility.”
This property was acquired through DXD Self Storage Fund I which it launched in November 2020. The $50 million fund will be used to primarily invest in ground-up development of class-A multi-story climate-controlled self-storage facilities across the United States. This acquisition comes a few months after DXD Capital broke ground on 1,100-unit self-storage facility in Las Vegas and another in Litchfield Park, AZ.