Platinum Storage Group to Develop 1,087-Unit, 155,000-Square-Foot Self-Storage Facility in Oakland, California
"We see the growth that is happening in and around the Bay Area and have focused on entering neighborhoods that we perceive as solid markets for the long term," said Genevieve Sigmund, president of Platinum Storage Group.
OAKLAND, Calif., July 19, 2018 /PRNewswire/ -- Platinum Storage Group announced today that the firm will begin construction of Storage Direct Oakland, a 1,087-unit, four-story, 155,000-square-foot self-storage facility in Oakland, Calif. Construction is slated to begin immediately, with an anticipated completion date of July 2019.
"We see the growth that is happening in and around the Bay Area and have focused on entering neighborhoods that we perceive as solid markets for the long term," said Genevieve Sigmund, president of Platinum Storage Group. "We believe that our entry into the Oakland market comes at a transformational time for the city which has been characterized by unprecedented population growth and the development of major office and apartment projects."
Platinum Storage concentrates on entering markets with high barriers to entry, strong demographics and healthy supply/demand metrics. The Oakland market boasts low vacancy and high rental rates, both indicative of a growing, yet underserved market.
"The Oakland project aligns perfectly with Platinum's investment criteria and long-term vision of developing a portfolio of Class A self-storage facilities in major MSAs throughout the country," said Dane Elefante, Platinum's vice president of operations. "Supply and demand metrics in the Oakland market far exceed the strict investment benchmarks of our acquisition team. We are proud to undertake this project and join this community."
With a modern design, Storage Direct Oakland will enhance the surrounding community and offer several amenities that are not available in the immediate area. The project is located adjacent to the airport and Coliseum specific areas in Oakland, which are both slated for re-development in coming years and should further boost the success of this project.
The Oakland development represents Platinum's dedication to developing state of the art self-storage facilities to meet the changing needs of consumers in underserved markets in the U.S. Today, Platinum is in the process of developing approximately one million square feet of storage space across the country.
About Platinum Storage Group
Platinum Storage Group is a privately held commercial real estate company headquartered in Orange County, California. Established in 1999, Platinum Storage Group focuses on owning and operating self-storage properties throughout the U.S. The company operates a scalable platform that allows it to develop and acquire properties for its own account as well as deliver turnkey property management solutions to third party owners. Platinum's portfolio is comprised of 2.5 million square feet of space with a value of approximately $250 million.
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SOURCE Platinum Storage Group
