EXR-Managed Las Colinas is comprised of 75,810 rentable square feet on approximately 3.59 acres of land. The Class-A facility was constructed in 2017 and offers 503 climate-controlled units and 106 non-climate-controlled units, ranging from 25 square feet to 900 square feet for a total of 609 units. The subject offers wide-aisles for drive-up access, multiple entry points, elevator access and a professional staff for consumer convenience. The physical and economic occupancies reside at 52.7 percent and 43.6 percent, respectively, as the subject continues its lease-up phase. To ensure a secure premise, the well-maintained facility is equipped with 24-hour video surveillance and electronic gate access.
The facility is ideally located in a high-traffic corridor of Irving, Texas; a thriving suburb in the Dallas-Fort Worth Metro Area. The Dallas Metroplex is one of the largest metropolitan areas in the United States and the most-densely populated MSA in Texas. The surrounding region offers an abundance of employment opportunities, including a large Amazon distribution center and the headquarters for All State Insurance and Citi Bank. There is a projected population growth rate of 1.62 percent annually from 2018 to 2023 within three miles of the site, surpassing the national average. The one-mile annual household rate surged by 34.2 percent from 2010 to 2018, indicating a strong need for storage. The facility will benefit from a massive influx of new multi-family and office developments within a three-mile radius, including over 2,300 units and five recent and future office developments. Additionally, the subject is situated in an affluent suburb that is growing rapidly; there is a median household income exceeding $72,000 within three miles of the property. EXR-Managed Las Colinas offers convenient access to John W. Carpenter Freeway, a major thoroughfare with a traffic count of over 94,000 vehicles daily. The subject is adjacent to the Dallas-Fort Worth International Airport, numerous area employers and developments, including the Parkside residential community. Parkside is a new, upscale residential area adjacent to the facility. The homes in Parkside are selling rapidly despite being built very recently. The direct area gives the population access to the highly-acclaimed Coppell Independent School District, drawing in families in addition to the employment opportunities offered in the vicinity. The suburb’s population growth is driven primarily by the business-friendly Metroplex economy, as well as a high quality of living compared to other metro area suburbs in the United States.
The Class-A property features superior construction and a wide-variety of options to meet the region’s strong demand for self-storage. The facility benefits from a high barrier to entry within the region. The property includes three major loading areas in the main building and spacious aisles for the drive-up units. The site can benefit from the implementation of truck rentals and a tenant insurance program. Additionally, an investor can further increase profits by raising rental rates to meet the comparable average upon stabilization; the climate and non-climate-controlled rates are currently below market. The opportunity offers impeccable access to all the region’s growing residential developments and heavily-utilized resources. The subject’s prime location in this rapidly-expanding suburb of Irving will allow for consistent growth and stability.
- Newly-Constructed, Class-A Facility in the Dallas-Fort Worth Metropolitan Area
- Raise Rates to the Comparable Average Upon Stabilization
- High Barrier to Entry Market
- 1.62 Percent Projected Annual Growth Rate From 2018-2023
- Median Household Income of $72,000 Within Three Miles
- Drive-Up Units, Multiple Entry Points and Elevator Access
- Convenient Access to John F. Carpenter Freeway, Witnessing Over 94,000 Vehicles Per Day
- Implement Tenant Insurance for Additional Revenue
- Adjacent to Dallas-Forth Worth International Airport and the Affluent Parkside Residential Community Underway