investment highlights
- NEW CONSTRUCTION // Kangaroo Storage is a brand-new, Class A self-storage facility with metal buildings, roll-up doors, standing seam metal roofs, and asphalt drives. The two-story leasing office is masonry-built, with an additional 1,500 square feet of office space for lease. The facility is set to open in May 2023.
- 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 near White Dome by Ence Homes and Salisbury Homes, the Desert Canyons residential development spanning over 300 acres, and ongoing projects such as the Career and Technical High School and Utah Tech Innovation Center. In total, the area along Southern Utah Parkway is expected to add 26,000 homes.
- STRONG OCCUPANCY MARKET // As of March 28th, 2023, a rent survey reported average occupancy of comparable properties at 93 percent. The closest property to Kangaroo Storage is fully occupied, while market occupancy is lowered by one lease-up facility that achieved 75 precent occupancy in just over a year.
- 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.
