HOUSTON, Aug. 11, 2021 - JLL Capital Markets announced today that it has closed the sale of Oakville Self Storage, a 934-unit self-storage facility in the heart of the Oakville Triangle master-planned redevelopment in the Washington, D.C. community of Alexandria, Virginia.
JLL worked on behalf of the seller, an institutional investor. Potomac Yard Mini U Storage, LLC, a Delaware Limited Liability Company with Dahn Corporation as general partner, in partnership with Elevation Fund 8, LLC purchased the asset, which is now operating under the Mini U Storage brand. The facility was managed by Self Storage Plus prior to the sale.
Oakville Self Storage is a three-story building originally constructed in 1949 and converted to a high-quality self-storage facility in 1989. The facility features a combination of non-climate-controlled interior units and dock-high drive-up units along with elevator access to upper floors.
The facility is at 405 Swann Ave. adjacent to Richmond highway (Route 1) in National Landing, Northern Virginia's fastest-growing submarket that includes major employers like Virginia Tech's Innovation Campus among others. Oakville Self Storage is also in the center of Oakville Triangle, a master-planned, one million-square-foot, mixed-use redevelopment comprising Class A multi-housing, townhomes, retail and healthcare properties. There are more than 15,000 new multi-housing units either planned or currently under construction, along with 189,200 residents, within a three-mile radius of the property. This area is significantly undersupplied, with approximately 4.5 square feet of existing storage space per person compared to the national average of 5.4 square feet per person.
The property will be undergoing significant exterior and interior renovations, designed by BWD Architects, to become a Class A facility. The renovations will include a complete exterior upgrade to be compatible with the new multi-housing and medical uses adjacent to Mini U Storage, as well as the addition of a new office space and climate-controlled units. The facility will remain open and operational throughout construction.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon along with Senior Managing Director Bruce Strasburg and Director Craig Childs.
'Oakville Self Storage provides the new owner with an opportunity to capitalize on the upcoming employment and population boom while fulfilling a critical need in a premier location that is poised for exponential growth,' Mellon said.
'As a result of the thriving nearby employment drivers, undersupply of current self-storage options, ideal demographics and complete lack of available development sites in surrounding submarkets, this location is unmatched throughout the Mid-Atlantic region,' Strasburg added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 16:25:04 UTC.