Titan Development is proceeding with the development of the new self storage projects. The two projects represent the company’s first self storage projects in Albuquerque, metro. These projects are part of the Titan Development Real Estate Fund I (TDREF I), a private equity real estate fund managed by Titan Development.
The first project, Extra Space Storage Ladera & Unser, is a 107,000 square foot, three-story climate controlled facility with 790 units. The site is located on the west side of Albuquerque and in proximity to significant future educational and residential development. The project is scheduled to break ground in February 2018, and will be fully operational by Q4 2018.
The second project, Extra Space Storage Rio Rancho, is an 88,000 sf, 650-unit facility, including both climate controlled and non-climate controlled units. This project will include 92 outdoor RV spaces. It is scheduled to break ground in January, and will be operational in late Q4 2018.
“The self storage industry is seeing a lot of disruption due to best-in-class operators like Extra Space Storage who are raising the bar on expectations for self storage,” said Brian Patterson, Director of Development for Self-Storage. “These new facilities have innovative features that customers now expect with self-storage.”
Both projects will be operated by Extra Space storage, a best-in-class operator with extensive experience in the region. Extra Space Storage is the second largest operator of self storage in the U.S. with over $1.8B in acquisitions since 2015. Arco Murray will act as general contractor for the construction of the new facilities. Arco Murray is a full service design/build contractor with more than 3,000 projects in over 45 states and Canada.
About Titan Development
Formed in 1999, Titan Development has experience in a full range of real estate services including raw and developed land acquisitions, land entitlement, design/build leaseback, joint ventures and private equity real estate fund management. The company has existing land holdings across Florida, Texas and New Mexico.
Recent developments include: Elan Spanish Springs, a senior living community located in The Villages Florida; Titan Industrial Park, located along I-35 just north of San Antonio; and Broadstone Northpoint -- a Class A multi-family project in Albuquerque.