DXD Capital to Launch Self-Storage Project in Miami's Allapattah Submarket
Albuquerque, New Mexico--(Newsfile Corp. - February 17, 2023) - DXD Capital, a data-driven real estate and private equity firm based in Albuquerque, NM, will launch on March 1st its latest self-storage project in the Allapattah submarket of Miami, Florida.
The proposed self-storage facility will be a five-story, fully climate-controlled building with 865 units, with a total cost of $18.7 million, and is located in an area with strong rental growth. The location was selected using DXD's unique, data-driven site selection process.
According to DXD, Allapattah is a prime market for self-storage, due to its high multifamily occupancy of 96.79%, with 4,913 multifamily units planned for delivery. Apartment dwellers are three times more likely to use self-storage, and their preferred self-storage units are typically within 3 miles — or roughly a 10-minute drive — away from their residence.
Allapattah's median income is expected to rise by 2% annually until 2025, with higher income residents increasingly moving into new multifamily units around the area. It is also close to the proposed $1 billion mixed-use soccer complex project for soccer team Inter Miami. The plans include a 25,000 seat soccer stadium, 750 room hotel, restaurants, retail, and a 50+ acre park. The proximity of the project is expected to increase economic opportunities in the area and the planned multifamily deliveries point to an accelerated gentrification in the Miami Allapattah sub-market.
The Allapattah project is part of DXD's continued investment in self-storage development. Self-storage experienced strong rental rate growth through the pandemic and represents one of the fastest growing investment opportunities in the United States.
"DXD reverse-engineers that process," says Martha Hargrove, DXD Capital Managing Director - Investor Relations. "Real estate professionals have a rough understanding of land costs, construction costs, property taxes, and many different metrics. From there, we can determine what rental rates we must achieve."
According to Hargrove, DXD's specialization in self-storage gives it an edge over other developers in the space.
"We've assembled a team of experts to be the best investor in self-storage. Our 25-person team has developed over 200 facilities nationwide. They now select sites and build self storage facilities with DXD from the ground up across the US."
About DXD Capital
DXD Capital is a full scale, vertically integrated real estate developer and private equity fund that harnesses data analytics. DXD has offices in Colorado, Connecticut, Pennsylvania, and New Mexico with development managers stationed throughout the Southeast.
Name: Haeley Belt
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155256