This article appeared in Connect CRE on September 21.
Self-storage investor and developer DXD Capital recently broke ground on a 1,100-unit self-storage facility located at the corner of West Sahara and South Monte Cristo Way in Las Vegas. Designed by Studio Level 1 with Arco Murray serving as the general contractor, the new facility is slated for completion and opening in third quarter 2022.
The 1.7-acre parcel was acquired in January 2021 through its fund DXD Self Storage Fund I which it launched in November 2020. It is raising $50 million which will be used to primarily invest in ground-up development of class-A multistory climate-controlled self-storage facilities.
The self-storage industry continues to grow not only during this turbulent economic time but starting pre-pandemic,” said Drew Dolan, DXD Capital principal and fund manager. “As the industry evolves, we will continue to see emerging markets like Las Vegas where fundamentals continue to get stronger. As a technology-driven self-storage investor, we will continue to bet on the potential of markets and submarkets throughout the United States.”