DXD Debuts Self Storage Near Atlantic City
The property is located in Egg Harbor Township, N.J.
DXD Capital, a private equity investor and self storage developer, has opened a Class A storage facility in Egg Harbor Township, N.J. The facility, situated at 6679 Black Horse Pike, boasts 602 individual storage units totaling 76,700 net rentable square feet. The facility offers climate-controlled and non-climate-controlled units, with multi-story and drive-up accessible unit options available to meet this market’s specific needs.
Extra Space will manage this facility. Storage Construction was the general contractor and Century Bank was the construction lender. The property was acquired in November 2022. DXD has invested in 19 self storage developments across the U.S.
Cameron Paktinat, DXD’s capital managing director, development, told Multi-Housing News that the subject site at 6679 Black Horse Pike is strategically positioned across from a Wawa gas station and convenience store on a heavily trafficked road with 35,000 daily cars.
He said its proximity to major routes — 1.75 miles from the Atlantic City Expressway and 0.85 miles from the Garden State Parkway — offers convenient access for a broad customer base from the north, south and west of Egg Harbor and Atlantic City. The area around the site includes 21,678 employees and 2,421 businesses within a 3-mile radius, catering to commercial and residential needs.
“Given the high barriers for development within Egg Harbor as well as the western and eastern markets, occupancies and rates have remained strong with an average of 90% to 95%,” Paktinat said. “Rental rates have also remained strong even with new supply over the past 24 months, as we see 10×10 rates for climate ground floor still averaging more than $200 per month.”
DXD currently has 18 open facilities and seven others under construction, three of which are set to open this year. “We are constantly looking to expand our footprint across the country,” said Paktinat. “With over 7,500 deals analyzed, we are eager to move forward with the very best deals.”
Busy year for DXD Capital
In August, DXD Capital opened a Class A, climate-controlled storage facility in Bristol, R.I. The 180 Mount Hope Avenue facility has 750 individual storage units, totaling 61,600 net rentable square feet and features one-of-a-kind design elements that mimic New England townhouses and are designed to blend in with the surrounding neighborhoods. Extra Space will manage this facility. Jayeff was the general contractor, and Centreville Bank was the construction lender.
That property was acquired in November 2022 through DXD’s first fund, DXD Self Storage Fund I, which launched in November 2020 and closed in November 2021 with $63 million in capital commitments. The company launched its second fund in June 2022 and has since invested in 10 self storage projects across the U.S.
DXD Capital opened a Class A, climate-controlled storage facility in Las Vegas in June. The facility has 794 individual storage units totaling 73,250 net rentable square feet located at 7540 Grand Teton Drive, featuring 13 exterior drive-up units that will be especially helpful for contractors in the area participating in the growth of Northern Las Vegas. This is DXD’s third storage facility in Las Vegas, managed by Public Storage.
In late January, DXD Capital completed a 71,335-square-foot rentable self-storage facility in Lithia Springs, Ga. Public Storage is managing the property. DXD Capital purchased the property in June 2022 through its first fund, DXD Self Storage Fund I. The project was also subject to a $12.2 million construction loan provided by Century Bank of Georgia, Yardi Matrix data shows.
