MV Investment has broken ground on its second self storage development in Fayetteville, North Carolina.
Construction began in June on a Class A climate controlled self storage (CCSS) facility at 4247 Ramsey Street. The 107,000-gross-square-foot facility will house 800 units ranging in size from 5 x 5 to 10 x 30.
Located on a high-traffic artery close to Fort Bragg, the development offers a foothold in what is considered by MV Investments to be a” high-growth corridor” that is experiencing a boom in housing construction. The two-acre site sits between a Wal-Mart Supercenter and a Lowes Home Improvements store and is adjacent to restaurants, daycare centers, and other busy retail developments, increasing its visibility to residential, commercial, and military customers.
“We strategically target markets that will deliver a solid return, and this location offers tremendous opportunity,” said Aaron Rowley, Senior Developer at MV Investment in a press release. “With adjacency to both Fort Bragg and new multifamily housing, the Ramsey Street development will fill a need for secure, high-quality self-storage options among populations that consistently drive demand for CCSS units.”
The groundbreaking follows the grand opening and sale of another MV Investment project in Fayetteville. In April, MV Investment opened a self storage complex at 5234 Raeford Road, just eight miles from the new project. The complex was sold to an undisclosed buyer at the end of May.
“The success of the Raeford Road project has confirmed the viability of this market and opened the door for continued investment in the area,” said Rowley.
Construction is scheduled for completion in May 2024.
Since 2018, MV Investment has developed and sold 17 self-storage units in Florida, Kentucky, North Carolina, South Carolina, and Tennessee.
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