Invesco Real Estate, in partnership with Baranof Holdings, has acquired a 124,500-rentable-square-foot facility in Washington, D.C., from Foulger-Pratt. According to District of Columbia records, the asset traded for $46 million. The 1,752-unit facility will operate under the Extra Space Storage brand.
Last month, Invesco made several purchases, including a 74,452-rentable-square-foot facility in Brooklyn, New York, for which the company paid $43.6 million, and a storage portfolio, with facilities located in Bend, Ore., and Clarksville, Tenn., for a combined price of $42 million.
The JLL Capital Markets team representing the seller included Managing Directors Steve Mellon and Brian Somoza, alongside Directors Craig Childs, Bill Prutting and Jay Wellschlager.
Storage facility in downtown Washington, D.C.
Completed in 2020, the Class A seven-story facility includes a 1,000-square-foot office and 400 square feet of restrooms and bike storage. The property encompasses a mix of non-climate and climate-controlled units, ranging from 16 to 300 square feet. On-site amenities include electronic access control, 24-hour video surveillance, covered loading areas and two elevators to access the upper floors.
Located at 72 N.E. Florida Ave., the property is only 2 miles from downtown Washington, D.C., and has access to N.E. New York Avenue. The facility is one of the 17 available within a 3-mile radius, offering residents 3.9 rentable square feet per capita. According to Yardi Matrix data, there are currently 18 properties in various stages of development across D.C. and suburban Maryland, set to add approximately 1.5 million rentable square feet to the existing inventory in the next years.