15 Nov Extra Space Storage
Located off Falconer Drive (US Hwy 190) in Covington, LA the new climate controlled self-storage facility will be ~ 75,000 NRSF including 850 units and will be a three-story steel and masonry structure with a decorative skin, drive thru covered loading dock, two (2) service elevators, and state of the art CCTV and card access security systems.
The property will meet the underserved and growing demand for self-storage in the Covington submarket and the surrounding area. Current and historical occupancy levels for existing facilities in New Orleans average in the 85-90% range, with comparable quality facilities in excess of this range. This, combined with a stable population and local economy, an under-supplied market, the proximity to major employers supports more demand for professionally managed self-storage.
The property will be branded and professionally managed by Extra Space Storage asset management.
Co-Sponsors: BCDC/GHK Developments Inc.
Lender: First Horizon Bank
Architect: Jared Ducote Architecture
General Contractor: WIMCO Corp.
Climate Controlled Self-Storage