WASHINGTON, DC—Federal Capital Partners and Self Storage Zone have begun construction of a new 112,775-square foot facility that will be located at 1850 New York Ave., NE. The property will have 1,381 units.
This is the second self-storage venture between the two companies, following their redeveloped 1,034-unit facility at 645 Taylor St., NE.
Federal Capital Partners and Self Storage Zone acquired the Taylor street facility from the Capital Area Food Bank in 2012 and redeveloped for an estimated cost of $12.8 million. It was FCP's first self-storage investment.
There are more opportunities for this type of product throughout the Mid-Atlantic, FCP's Drew Odabashian, says in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
