ACD ACQUIRES CONIFER STORAGE FACILITY FOR APPROXIMATELY $4.2 MILLION
Denver, CO — Armstrong Capital Development (“ACD”) today announced the acquisition of FreeUp Storage at Aspen Park in Conifer, Colorado. Located across the street from a well-performing King Soopers in Conifer’s Village at Aspen Park, the facility offers 25,623 square feet of rentable square feet across 194 traditional, non-climate-controlled drive-up units. The facility is currently 99% occupied.
“We’re excited to add another quality self-storage asset to our portfolio,” said Adam Huff, Director of Development at ACD. “Self-storage isn’t what one would traditionally call a glamorous real estate enterprise, but its track record across economic cycles is tough to beat. We’re bullish on the self-storage market and especially on this acquisition, which brings to the table outstanding site attributes and real estate fundamentals that we anticipate will yield excellent rent growth and continued strong occupancy in the years to come.”
Located at 9529 South Davis Avenue, the facility enjoys prominent visibility from Highway 285 (24,494 vehicles per day) and convenient north and southbound highway access at Meyer Parkway and Conifer Road. The site additionally benefits from enviable neighboring proximity to the Village at Aspen Park with annual retail consumer traffic exceeding 1.5 million visits. ACD plans to renovate the property with a number of conservative physical enhancements, and has retained California-based StoragePRO to operate the facility with a focus on convenience and customer service.
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West, with a focus on value-add and stabilized core assets.