investment highlights
- ONLY REIT-MANAGED ASSET IN MARKET // As of January 2024, this is the only REIT-managed property in the greater St. George, Utah market. We believe the dynamic pricing and robust marketing plans of the REIT management platforms will facilitate a strong lease-up period and outperform other storage locations in the region.
- NEW CONSTRUCTION // Phase One was built in Summer of 2023 under the brand Kangaroo Storage, the current owner optimized the unit mix and replaced the canopy parking with enclosed storage in Phase Two. Phase Two is nearing completion and is projected to open at the end January or early February 2024. Upon completion of Phase Two the property will feature 747 Units and 81,430 Net Rentable Square Feet.
- GROWTH MARKET // Located near multiple large-scale master-planned communities, the Desert Color development features an estimated 10,000 homes, 300 apartments, 564 senior apartments, and commercial space. Other nearby developments include White Dome by Ence Homes and Salisbury Homes, the Desert Canyons residential development spanning over 300 acres. Additional commercial development projects include the Career and Technical High School, Utah Tech Innovation Center, and additional shopping and retail. In total, the area along Southern Utah Parkway is expected to add 26,000 homes.
- BARRIERS TO ENTRY // In June 2020, St. George amended its zoning code to restrict the development of self-storage facilities. With few exceptions, self-storage must be located behind retail, office, or mixed-use areas that screen it from public view (St. George Municipal Code Title 10, Ch. 17 Article A, Section 14).
