ARMSTRONG CAPITAL DEVELOPMENT SELLS DENVER SELF-STORAGE FACILITY
Denver, Colorado - Armstrong Capital Development (ACD) today announced the sale of an 80,400 square-foot self-storage facility to an institutional buyer. The best-in-class facility was 96% occupied at closing.
Located at 7200 E. 36th Avenue in Denver, the property consists of a three-story climate-controlled building with 569 units ranging in size from 5’x5’ to 10’x30’. Amenities offered at the property include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day on Quebec Street and excellent demographics within the surrounding Central Park neighborhood trade area, including a population of 131,968 and average household income of approximately $110,074 within a 3-mile radius. ACD constructed the property in 2019.
“As a Denver-based developer we jumped at the opportunity to convert a rare unimproved infill lot into a Class-A storage facility for the Central Park trade area,” said Bryan Armstrong, partner at ACD. “From the outset, we knew the market’s residential density, strong demand and high-barriers-to-entry for new competing supply would create an outstanding operating environment for self-storage product. Adding the site’s terrific curb appeal and can’t-miss-it visibility on Quebec Street to the mix further enhanced buyer interest. ACD received multiple offers on the listing and ultimately selected an experienced national owner-operator of self-storage facilities to take over the reins. We are thrilled with the outcome of this investment.”