DXD Capital, a real estate and private equity firm, is set to launch its latest venture — a climate-controlled self-storage facility — in Albuquerque’s Northeast Heights later this fall.
Located at 8041 Ventura St. NE, the three-story facility will measure in at 96,153 square feet with 819 storage units. ARCO/Murray and GMA Architects are the contractors on the $16 million building.
“As single-family homes, multifamily and senior living have been developed and infilled along Paseo [Del Norte Boulevard], the demand for storage has increased, “JT Mitchell, market research specialist at DXD Capital said. “By the time we open, it’ll be a decade since this area has seen any new self-storage to meet the demand that has originated from all this new development along Paseo.”
Although the first floor is nearly finished, construction on the total project is anticipated to finish before the end of the year, Mitchell said. The project, which began last November, has not faced any delays, he added.
As part of the planning process, DXD held two community meetings in September and December 2022 to gauge the public’s concerns, Mitchell said in an email statement. The building, which contains a basement floor, will be limited to a height between 20 and 26 feet after discussions revealed concerns over the 38-foot limit allowed under the MX-L zoning code, according to a site plan.
“We wanted to minimize the height as much as possible, so we are building a below-grade basement level at a substantial added cost,” Mitchell said.
The firm has more than 37 projects in various pre-development stages across the U.S.
Extra Space Storage (NYSE: EXR), a nationwide self-storage operator, will manage the Northeast Heights building. In total, the company owns and operates over 3,500 self storage properties across the country, according to its website.
Source: “DXD Capital gives update on NE Heights development“
