StorageMart has acquired Storage Space, a self storage facility totaling 93,086 net rentable square feet in Carmel, Ind., a suburb of Indianapolis. The 774-unit property will soon operate under the StorageMart brand.
Completed in five phases between 1971 and 1983, the asset comprises 11 three-story buildings that encompass climate-controlled and non-climate-controlled units ranging from 25 to 400 square feet, along with 39 outdoor vehicle storage spaces. On-site amenities include video surveillance and drive-up access. The new owner plans to improve the property by upgrading its security features and adding motion-sense LED lighting.
Located at 147 W. Carmel Drive, the 4.4-acre property is roughly 15 miles north of Indianapolis, close to Keystone Avenue which connects to Interstate 465. Yardi Matrix data shows this is one of six self storage facilities within a 3-mile radius, totaling 5.9 net rentable square feet per capita.
According to a recent Yardi Matrix report, the average national street rate for all unit sizes decreased by 2.8 percent year-over-year in January. The overall picture for the self storage sector remains favorable, although rent rates and existing supply have continued to temper its strong growth.
