Rosewood Property Co. and Diamond Point Development have broken ground on an 81,000-square-foot, three-story self-storage facility in Carmel, N.Y. Upon completion in late 2025, it will include 800 climate-controlled units set to be managed by Extra Space Storage.
Dallas-based Rosewood is the majority equity partner with Atlanta-based Diamond Point Development leading development of the project in Carmel, which is located about 62 miles north of New York City.
Situated at the intersection of U.S. 6 and Baldwin Place Road, it will be Rosewood’s second location in New York’s Hudson Valley. The site, located at the gateway to the Town of Carmel, was the former home of Mahopac Farms, which housed a playhouse, museum and petting zoo for many years.
Jason Sommer, principal at Diamond Point Development, said in a prepared statement that they wanted to keep the character of the property intact while making it more aesthetically pleasing. The firm worked with the Carmel Planning Board and the Carmel Building and Planning staff to design a self storage facility that still has the characteristics of a historic barn.
Sommer noted that a second phase with an additional 80,000 square feet of space has been planned and approved and should begin once the initial facility has been stabilized. He expects the location to have more than 160,000 square feet of climate-controlled storage space to lease within five years.
The sale of the parcel was brokered by Hans Hardisty of SVN Hardisty Commercial Real Estate. EDC is the project’s general contractor.
Since launching its self storage program in 2012, Rosewood Property Co., a wholly owned subsidiary of The Rosewood Corp., has focused on long-term growth, supported by the firm’s access to internal capital. Rosewood owns and operates 82 self storage properties totaling about 6 million square and continues to expand its portfolio through acquisitions and new developments. The company has self storage properties in more than 20 states, with its largest presence in Texas, Pennsylvania, Colorado, Oklahoma and Indiana.
Rosewood’s first Hudson Valley facility opened last year with 650 units at 620 Washington Ave. in Kingston, N.Y. The multi-story property was also developed by Diamond Point Development with EDC as the general contractor. Construction started on the three-story, 68,000-square-foot asset in November 2022. The Kingston property is managed by Extra Space Storage.
In September 2023, Rosewood acquired a 70,000-square-foot self storage facility with 746 climate-controlled units in Tucson, Ariz., for $19 million. Located at 2538 N. Country Club Rd., the property is about 3 miles from Downtown Tucson. It now operates under the Extra Space Storage brand and marked Rosewood’s second acquisition in the market.
Two months later, Rosewood acquired three facilities in Tempe, Ariz.., Las Vegas and Vista, Calif. The Tempe property, which is operated by Extra Space Storage, has 62,000 square feet and is located down the street from the Arizona State University campus. Extra Space Storage also manages the Vista property, which has 120,000 square feet. CubeSmart operates the Las Vegas location, which has 37,000 square feet of rental storage space.
Rosewood’s portfolio also includes multifamily, office, industrial and land assets. In July, Rosewood and equity partner MetLife Investment Management started construction on The Buckley, a 338-unit apartment development in the Dallas suburb of Plano, Texas. The community is slated for completion in the summer of 2026.
