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Invesco Real Estate Locks Up Buy of 1,752-Unit Self-Storage Facility in DC
Invesco Real Estate, in partnership with Baranof Holdings, has purchased a 1,752-unit self-storage facility at 72 Florida Avenue NE in Washington, DC.
Steve Mellon, Brian Somoza, Craig Childs, Bill Prutting and Jay Wellschlager of JLL represented the seller, Foulger-Pratt, and procured the buyer.
The 2020-constructed property operates as an Extra Space Self Storage and consists of a seven-level, climate-controlled building housing the storage units, a 1,000-square-foot office and 400 square feet of restrooms and bike storage. The facility offers modern amenities, including electronic access control, 24-hour video surveillance, covered loading areas and two elevators to access the upper floors.
The property is under two miles from downtown Washington, DC with exposure to more than 124,000 vehicles daily. The immediate area, which is currently underserved for storage needs, is home to more than 405,000 residents and is projected to grow based on the significant number of residential developments proposed or under construction.
- ◦Sale/Acquisition
