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11/22/21
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DXD Capital has purchased 2.34 acres of land with joint venture partner, InSite Property Group, in the Kapolei Business Park located on Kalaeloa Boulevard in Kapolei, HI. InSite will develop and operate a self-storage facility for the partnership under their SecureSpace brand.
Construction on the new 853-unit facility is scheduled to begin development in August 2022 with opening scheduled for September 2023. The property will be located on Kalaeloa Blvd and will serve the fast-growing City of Kapolei.
“While the pandemic and other economic changes have helped with the growth of self storage, we are confident in the long-term trajectory of the industry,” said Drew Dolan, DXD Capital Principal and Fund Manager. “Oahu, and Kapolei in particularly, has exemplary fundamentals and demand to warrant a new self storage facility.”
The property was acquired through DXD Self Storage Fund I, which it launched in November 2020. The $50 mil fund will be used to primarily invest in ground-up development of Class A, multi-story, climate-controlled self storage facilities across the United States.
This acquisition comes a few months after DXD Capital broke ground on 1,100-unit self storage facility in Las Vegas, Nevada and another in Litchfield Park, Arizona. DXD Capital has begun development on three facilities this year that will total 3,299 units.
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