Schulman Properties has obtained $8.7 million in joint venture equity financing for Dixie Self Storage, a 1,068-unit self storage facility underway in North Miami Beach, Fla. An opportunity zone fund entered the 10-year partnership arranged by Northmarq.
In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of Lee & Associates. Dixie Storage SPE, an affiliate of Schulman Properties, broke ground on the facility last month, after landing a $17.8 million construction loan from Pacific Western Bank, public records show.
Located at 15699 W. Dixie Highway, in an Opportunity Zone near the Florida East Coast Railway, the development site is roughly 15 miles northeast of downtown Miami, less than 2 miles from the North Miami Beach city center. Upon completion, Dixie Self Storage will comprise a seven-story building with 163,660 square feet of climate-controlled units and 1,216 square feet of office space, as well as a parking area.
The facility will be one of the 21 available within a 3-mile radius, offering residents 7.2 net rentable square feet per capita, slightly above the 7.1 national average. Miami remains a top U.S. metro for rent growth, with a 13 percent year-over-year rate increase for 10×10 climate-controlled units as of March, according to the latest Yardi Matrix report.
Northmarq Senior Vice President & Managing Director Ory Schwartz, alongside Vice President Bob Harrington, secured the partnership. In January, the firm arranged $8 million in refinancing for another Florida storage facility, a 90,522-square-foot Extra Space Storage asset in Pinellas Park.
