\nSchulman Properties\u00a0has 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\u00a0Northmarq.<\/p>\n
In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of\u00a0Lee & 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\u00a0Pacific Western Bank, public records show.<\/p>\n
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.<\/p>\n
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\u00d710 climate-controlled units as of March, according to the latest\u00a0Yardi Matrix report<\/a>.<\/p>\n Northmarq Senior Vice President & Managing Director Ory Schwartz, alongside Vice President Bob Harrington, secured the partnership. In January, the firm arranged\u00a0$8 million in refinancing<\/a>\u00a0for another Florida storage facility, a 90,522-square-foot Extra Space Storage asset in Pinellas Park.<\/p>\n