Maya Capital Partners Opens Connecticut Self Storage

Public Storage Norwalk. Image courtesy of Maya Capital Partners

Maya Capital Partners has completed the development of a 98,814-square-foot self storage facility in Norwalk, Conn. The property is operating under the Public Storage brand.

Construction started in September 2021 with the repurposing of a vacant industrial building. According to Yardi Matrix data, Maya financed the development with a $15 million loan from MidCap Financial.

The newly built Class A facility comprises 1,113 climate-controlled units ranging from 25 to 200 square feet across three stories, as well as loading and unloading docks. On-site amenities include video surveillance, keypad access, moving supplies and gated access.

The property is located at 320 Wilson Ave. in the South Norwalk neighborhood, within 2 miles of 1,000 new multifamily units, retail venues and the SoNo Collection mall. Interstate 95 is roughly 2 miles north. Yardi Matrix shows the facility is one of the nine self storage properties within a 3-mile radius, offering residents 9.1 rentable square feet per capita.

The Norwalk Zoning Board imposed a moratorium on new self storage construction within the property’s zone in 2021, which will increase the demand for more storage space in the area. According to the same data provider, the Bridgeport-New Haven market has a supply pipeline of 57 storage properties in various stages of development, set to add roughly 2.9 million rentable square feet to the existing inventory.

Last month, Maya Capital Partners teamed up with Artemis Real Estate Partners in a $300 million programmatic joint venture. Newmark provided the financing that will seed the purchase of self storage properties in the Northeast U.S.