HONOLULU, Hawaii—DXD Capital, a self storage investor and developer, purchased 2.34 acres of land with joint venture partner, InSite Property Group, in the Kapolei Business Park located on Kalaeloa Boulevard in Kapolei, Hawaii.
InSite
will develop and operate the asset for the partnership under their 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.
 |
| Drew Dolan |
“Oahu, and Kapolei in particularly, has 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, Nevada and another in Litchfield Park,
Arizona.
DXD Capital has begun development on three
facilities this year that will total 3,299 units.
 |
| Keith Wetzel |
Keith Wetzel, InSite
Property Group Partner went on to say “We are excited to partner with DXD
Capital to develop a Class A self storage facility in Oahu, our third property
in the market.
"The
property will have excellent visibility on Kalaeloa Boulevard to serve the
fast-growing City of Kapolei.”
CONTACT:
David
Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
Member of the National Association of Real
Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate
Industry: I do what I love and love what I do.”
