investment highlights
- OCCUPANCY OPPORTUNITY // The property, which opened in 2019 alongside three other competitors, maintained high rates near the top of the market that slowed the lease-up speed. A new owner could implement a more aggressive lease-up strategy.
- HIGH QUALITY CONSTRUCTION // Built in 2019, Towne Storage features a high-end leasing office, wide asphalt drives, masonry exteriors with metal interior dividers. All buildings are single story with drive-up or interior hallway accessible units.
- STRONG DEMOGRAPHICS // The average household income within a three-mile radius is $88,258, with a population of 97,322. This population is projected to grow by 6.30% over the next five years.
- RESIDENTIAL DENSITY // The property is situated within one mile of several high-density developments, including Liberty Commons (209 apartments), Sandalwood (278 apartments), Pinnacle Highbury (290 apartments), and master-planned communities by Garbett Homes and Ivory Homes.
- ATTRACTIVE BASIS // Towne Storage Colt Plaza is being offered at $112 per net rentable square foot.
property summary
Towne Storage Colt Plaza is a 467-unit, 60,325 net rentable square foot self-storage facility located in West Valley City, Utah. The property sits on around 2.67 acres of land, and was initially constructed in 2019. The facility is made up of five single-story buildings and one two-story building with 125 drive-up units.
Towne Storage Colt Plaza has many amenities including a gated entry with a digital keypad, a onsite management office in front of the entrance gate, 24/7 video surveillance throughout the facility, asphalt driveways, and units with roll-up doors.
The facility is centrally located in West Valley City with excellent visibility from South 5600 West and over 48,000 passing vehicles per day. There are major drivers in the immediate area such as Target, WinCo Foods, Walmart, Five Guys, Verizon, Starbucks, FedEx, and Discount Tire to name a few.
