BRISTOL – DXD Capital, an Albuquerque, New Mexico-based real estate investment firm that specializes in self-storage, recently completed a new facility at 180 Mount Hope Ave. in Bristol, according to a recent announcement from the company.
DXD Capital said the new self-storage facility in Bristol is now open and is being managed by Extra Space, a Utah-based company that operates more self-storage facilities than any other company in the country.
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The new facility on Mount Hope Avenue is a climate-controlled building with 750 storage units, totaling 61,600 net rentable square feet, according to DXD Capital.
The design of the new facility was meant to blend in with the surrounding area by mimicking the appearance of New England townhomes, according to the self-storage developer.
DXD Capital acquired the property in November 2022, under its DXD Self Storage Fund I, which was launched in November 2020 and closed in November 2021, with a total of $63 million in capital commitments.
According to the warranty deed, a public record of the sale, the Bristol property was acquired by DXD F1 Bristol LLC on Jan. 3, 2023, for a total of $1.57 million. The property was sold to DXD by Mount Hope LLC, a limited liability company based in Rhode Island.
DXD said it was happy with the outcome of the construction project, which faced scrutiny over fears that it would not be fitting for its surrounding environment. The New Jersey-based Jayeff Construction served as the general contractor for the project, which was financed through Centreville Bank.
“We knew that if we were going to get storage built in a market like Bristol with such high barriers to entry, we had to make a real investment in the community,” said Drew Dolan, principal and fund manager behind DXD Capital. “This facility is unique as we designed it to look more like townhomes than traditional self storage because of the uniqueness of the market.”
Dolan said that the community won’t likely welcome any additional self-storage businesses to the area.
“We are happy to have done that and expect ours to be the last storage facility built on the peninsula,” Dolan said.
According to the town’s online property tax evaluation database, the 180 Mount Hope Ave. property was most recently valued by Bristol property assessors in fiscal year 2024 as being worth $3.95 million.
Marc Larocque is a PBN contributor. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
