ORIX Real Estate Americas announced the closing of a $13.4 million equity investment in two ground-up self-storage developments located in the boroughs of New York City. Scheduled for completion in 2017, the facilities will consist of multistory buildings and exterior drive-up units totaling 133,068 rentable square feet.
“These new state-of-the-art facilities will be highly visible, making them the ideal location for self-storage,” said Allison Eidson, Director of Real Estate Lending and Acquisitions for ORIX Real Estate Americas. “The lack of supply and pent-up demand over the past decade has proven the asset class is a sound investment with strong historical returns and exceptional underlying fundamentals in these markets.”