The fact of the matter is, Americans keep buying more stuff. And when stuff starts piling up, they need a place to put it. More than one in five Americans rent a self storage unit. And that number is growing by the day. So has rent. Self-storage rent has increased 6.1% year-over-year to $176 for a standard 10-foot-by-10-foot unit, according to RentCafe. South Florida had the seventh-most self-storage construction activity during the last decade with 9.1 million square feet of new storage.
DXD Capital obtained a $10.33 million construction loan to build a self-storage facility near Doral. TBK Bank provided the mortgage. It covers the 1.6-acre site at the southwest corner of Northwest 112th Avenue and Northwest 105th Street.
The developer acquired the property for $3.64 million in February. It was approved for 98,550 square feet of self-storage. This is the third self-storage facility DXD Capital is building in South Florida. It also has a facility under construction in Lake Park and another proposed in Allapattah.
