Titan Sells Final Four Self-Storage Assets in its Inaugural Fund
Titan Development recently sold the final four self-storage assets within its inaugural fund, the Titan Real Estate Development Fund I, a $112 million private-equity real estate fund established in 2017 to raise and invest equity in $350 million of Titan’s investment opportunities. Titan sold the four facilities to Extra Space Storage Inc. All facilities are in New Mexico including Santa Fe, Albuquerque and Rio Rancho, and represent 380,000 square feet.
The sale of the new facilities comes as the nation’s $39.5 billion self-storage industry experiences rapid growth, surpassing $44.5 billion by 2024, according to a recent IBISWorld market report. Many factors have contributed to its success, including the rise of urbanization and changing behavior due to the pandemic.
“The self-storage market has proven to be resilient through varying economic environments over the past few decades, and its growth trajectory remains solid in 2021, especially as demand continues to be strong and vacates have been muted during the pandemic. This has resulted in record-high sector occupancy and strong rate growth across our portfolio,” said Zach Dickens, executive vice president and chief investment officer of Extra Space Storage.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.