Life Storage Property Opens in Philadelphia
The facility encompasses 860 climate-controlled units.
SAFStor has opened a new self storage facility in Philadelphia. The 78,000-rentable-square-foot property is managed by Life Storage. This asset brings SAFStor’s portfolio to 50 facilities in 14 states, with several more under construction.
According to Yardi Matrix data, the Class A facility became subject to a $10.4 million construction loan in 2021, originated by Old Dominion National Bank.
The development team included Interplan as project architect and Swinerton as general contractor. The recently completed property encompasses a three-story building across 6.3 acres and features 860 climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include a surveillance system, controlled access using a personalized keypad code, as well as moving boxes and supplies.
Located at 4340 Byberry Road, the property is 15.4 miles from downtown Philadelphia and approximately one mile west of Interstate 95. The facility is one of the 11 available within a 3-mile radius, offering residents 9.1 rentable square feet per capita. Yardi Matrix data shows that Philadelphia has a current development pipeline of 21 properties under construction, with 79 in the planning and permitting stages, set to add roughly 7.2 million square feet to the existing inventory.
The Byberry Road asset is Life Storage’s fifth property in Philadelphia, with other seven facilities in the surrounding metro area. The company plans to open a new storage property at 4801 Langdon St. by the end of March. Founded in 1982, Life Storage operates more than 1,150 storage assets in 37 states and the District of Columbia.