Futura JV Delivers Orlando Self Storage Facility

The property is part of a master-planned community.

Futura, in partnership with Linkvest Capital, has completed Nona Cove Self Storage, a 90,000-rentable-square-foot self storage facility in Orlando, Fla. The property operates under Extra Space Storage management.

The facility is part of FUTURA at Nona Cove, a luxury master-planned community covering 17 acres. The developer broke ground on the self storage project in 2022. That same year, Futura secured $16 million in financing from ACRES Capital, Yardi Matrix data shows.

The four-story building offers climate-controlled units, ranging between 25 and 300 square feet. Currently 57 percent leased, the property also features an 8,000-square-foot retail component. Amenities and services include loading dock, covered loading bay, elevators, wide-drive aisles to accommodate large moving trucks, electrical access in units, electronic gate access, video surveillance and moving carts. The property provides RV and boat parking.

Nona Cove Self Storage took shape on 2.2 acres at 14800 Narcoossee Road, some 25 miles southeast of downtown Orlando and less than 10 miles from Orlando International Airport. The facility is the only self storage property completed on a 3-mile radius, offering residents 7.9 rentable square feet per capita.

As of February, Orlando was leading the under-construction supply of self storage properties on a national level, according to a recent Yardi Matrix Report. The metro’s under-construction projects only saw a 10-basis point drop on a monthly basis. Orlando rents contracted, as 10×10 non-climate controlled units were down 4.2 percent year-over-year as of February, while the rates for 10×10 climate-controlled units declined by 5.2 percent.

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