The William Warren Group has completed a new 52,332-square-foot self storage facility, under its StorQuest brand, in Phoenix. Farmers and Merchants Bank of Long Beach provided $3.9 million in construction financing in 2020, Yardi Matrix data shows.
Completed in January of this year, the property encompasses eight single-story buildings, spread across 3.2 acres, offering climate-controlled units, ranging from 25 to 300 square feet. Most of the units also offer drive-up access. Other facilities include 24/7 storage access and a virtual rental center.
Located at 3750 S. 51st Ave., the newly-developed asset is one of the five storage facilities within a 3-mile radius, offering residents 6.4 net rentable square feet per capita, slightly below the 6.9 average rate.
Mirroring the ongoing trend of self storage growth in markets in the South, Southwest and West, Phoenix continues to register double-digit rent growth. Despite an inventory of 7.8 net square feet, the metro has the fourth-largest pipeline on a national basis, with projects under construction or in the planning stages accounting for 12.8 percent of existing stock, according to Yardi Matrix data.
The William Warren Group continues to expand the company’s self storage portfolio and the StorQuest brand across the country, now owning and managing more than 140 properties, totaling nearly 11 million square feet. During the fourth quarter of last year, the firm acquired a 79,671-square-foot facility in Sacramento, Calif. and its 10th asset in Brooklyn, N.Y.