Suburban DC Self Storage Facility Sells for $18M
- Jun 16, 2021
Extra Space Storage has acquired a Class A self storage facility in District Heights, Md. The company paid $18.2 million to partners Big Cypress Capital and PSG for the recently completed 110,000-square-foot property.
Located at 7618 Marlboro Pike, the three-story facility encompasses 900 climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include an elevator, a covered loading bay and video surveillance.
The 3.2-acre property is next to the Forestville Plaza shopping mall. The facility is some 12 miles southeast of downtown Washington, D.C.
An out-migration from Washington, D.C.’s urban core during the pandemic has benefited the metro’s undersupplied self storage market. The number of new facilities continued to increase as of May, accounting for 10.3 percent of existing stock across the metro, Yardi Matrix data shows.
Despite a decrease of 10 basis points in Washington, D.C.’s multifamily occupancy rate year-over-year as of May, the metro remained among the top national markets for construction activity, with 43,293 units under development.