SmartStop Expands Denver Self Storage Footprint
The facility brings 760 units to the company's portfolio.
SmartStop Self Storage has acquired its seventh self storage facility in the Denver metro. Advent Property Advisors sold the 769-unit asset in Lakewood, Colo.
The 1998-built property spans 87,000 square feet across 10 single-story buildings. Storage spaces include a mix of interior and drive-up units, ranging from 20 to 300 square feet. Security features include digital surveillance systems and keypad access.
Located at 12750 W. Alameda Parkway, the asset serves a densely populated residential area 11 miles west of downtown Denver. There are nine other facilities within a 3-mile radius, the equivalent of 8.9 rentable square feet of storage space available per person, according to Yardi Matrix. The area is slightly oversupplied compared to Denver’s per-person inventory of 7.7 rentable square feet and the 6.9 national average.
Nevertheless, with a relatively tight construction pipeline as of August—4.7 percent of existing inventory—rent growth across Denver kept pace with national increases. Year-over-year in August, rents in the metro climbed 11 percent for the standard 10×10 climate-controlled and 8 percent for the 10×10 non-climate-controlled units, according to a recent Yardi Matrix report.
In August, an investment trust sponsored by SmartStop Self Storage purchased a 665-unit self storage facility in Surprise, Ariz.