investment highlights
- PORTFOLIO OVERVIEW // Devon Self Storage (Managed) 5 represents a geographically diverse, high quality self storage portfolio consisting of five facilities strategically positioned across major U.S. markets from Washington, D.C. to Chicago and extending through Oklahoma and Texas. Together, the assets comprise approximately 3,000 units and 360,000 rentable square feet, offering a balanced mix of climate controlled and non climate controlled units, with the majority featuring convenient drive up access that supports strong tenant demand and operational efficiency.
- EXPANSION POTENTIAL // Two facilities include meaningful excess land, providing a clear runway for future development and NOI growth. Notably, the Sterling, Virginia property is already planned for an expansion of approximately 30,000 additional rentable square feet—an immediate value creation lever for a new owner.
- MARKET POSITION // All assets are located within top 50 U.S. MSAs—including Dallas–Fort Worth (ranked 4th), Chicago (ranked 3rd), and Washington, D.C. (ranked 8th) and Austin (ranked 28th)—placing the portfolio squarely within some of the nation’s strongest, most liquid, and institutionally favored storage markets. These locations benefit from robust population density, economic diversity, and durable storage demand.
- EXCELLENT DEMOGRAPHICS // The growing three mile trade areas boast average household incomes exceeding $102,000, supported by a strong population base of roughly 149,000 residents and 67,000 households. These fundamentals reinforce durable demand and long term stability for the asset.
- VALUE-ADD UPSIDE // With physical occupancy currently around 80 percent, the portfolio offers substantial opportunity for a new operator to drive NOI through lease up, revenue management, and improved operational execution. Combined with expansion potential and strong market fundamentals, the portfolio presents a compelling value add investment thesis.
