SmartStop Expands Denver Self Storage Footprint

12750 W. Almeda Parkway

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.