A joint venture between Arcland Property Co. and Chesapeake Real Estate Group has opened a 129,800-square-foot self storage facility in Lanham, Md., in the Washington, D.C. area. The property will be managed by Self Storage Plus. The project was subject to a $12.9 million construction loan from Summit Community Bank, Yardi Matrix data shows.
The three-story property comprises 1,035 climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include a covered loading area, video surveillance, elevator access and packing and moving supplies, as well as carts and dollies for use.
Located at 4210 Parliament Place, the property is between highways 704 and 50, some 12.5 miles from Washington, D.C., and roughly 30 miles from Baltimore. It is one of eight self storage facilities in a 3-mile radius, totaling 5.5 net rentable square feet per capita, Yardi Matrix information shows.
An expanding Mid-Atlantic footprint
“Through our partnership with Chesapeake Real Estate Group, Arcland has created another exceptionally located asset in a high-barrier, high-demand market. By utilizing the Self Storage Plus management platform, we anticipate a swift lease up of this best-of-breed property,” Noah Mehrkam, CEO of Arcland Property Co., told Multi-Housing News.
This is the 41st property in Arcland’s portfolio, all of which are in the Mid-Atlantic region, and the second facility opened in the past two weeks. The company currently owns 26 facilities in the Washington, D.C., area, according to Yardi Matrix data, as well as another four projects in various stages of development. The metro was one of the top markets for self storage deliveries in 2022, having added 820,602 rentable square feet. A recent report shows that as of March, 4,735 facilities were under development nationally.
