By Alex Hassel, Storage.com
William Warren Group Inc. (WWG), a self storage development, acquisition, and management company based in Santa Monica, Calif., is making big moves in Denver, Colo. The Colorado Real Estate Journal reports that WWG has two developments under construction in the city and two more in the planning phase.
WWG already manages or owns 12 self storage locations in the Denver area. With the new developments already under construction, that number will rise to 14 by early fall 2016.
The first is a 910-unit StorQuest Self Storage facility at 5301 DTC Blvd. in Greenwood Village. It’s slated to open in August 2016, costing around $14 million. The second is a StorQuest building as well, with 815 units going up at West Sixth Avenue and Kalamath Street. It’s set to open in September 2016 and is expected to cost $11 million.
Both are located in high-traffic areas. Upon completion, both will be three-story upscale buildings. The facilities will have gated access, climate-controlled units, complimentary Wi-Fi, and two employees in each office.
“We intentionally select more desirable sites and put more money into the design and materials of the buildings with the objective that we’ll be able to achieve slightly higher rents,” Jon Suddarth, Development Project Manager, told the Colorado Real Estate Journal.
Suddarth continued with an example about the DTC Blvd. location: “This land wasn’t inexpensive by any means, but it definitely pencils for us.” WWG paid $2.9 million for the 1.7-acre site.
When construction wraps on the two properties in the late summer, WWG will begin building two more facilities in the Denver area. Other developments are coming to L.A. New York, Portland, Seattle, and Phoenix.
The company currently has 71,000 storage units across the U.S. with another 6,600 on the way. Aside from Colorado, WWG also operates in Arizona, California, Connecticut, Florida, Hawaii, Nevada, North Dakota, Texas, Virginia, and New York.
Image provided by Michelle Bakva, William Warren Group.