Joint venture partners Federal Capital Partners® (FCP) and Self Storage Zone announced today the start of construction for the development of a site at 1850 New York Avenue, NE in Washington, DC into a 112,775 rentable square foot self-storage facility containing approximately 1,381 units. The development marks the second self-storage venture between FCP and Self Storage Zone, who recently developed and opened a 1,034 unit facility at 645 Taylor Street, NE in Washington, DC.
“FCP is pleased to be underway in partnership with a top self-storage operator in an excellent location,” said FCP Vice President for Commercial Acquisitions, Drew Odabashian. Mr. Odabashian continued, “We believe there are continued opportunities for this product throughout this region and throughout the Mid-Atlantic.”
Self Storage Zone Principal, Diane Tipton, noted the quality of the development, saying, “Customers to this facility will enjoy easy street access, state-of-the-art security and abundant parking and loading options.”
About Self Storage Zone
Self Storage Zone (“SSZ”) is a developer and operator of Self Storage Facilities in the Washington, DC metropolitan area and Florida. SSZ has developed, currently has under construction, or has acquired and managed approximately 4 million gross square feet of space in 37 self-storage projects in Florida, Maryland, New Jersey, New York and Virginia since 1995. The company is actively looking for new development opportunities in the Washington, DC metropolitan region. For information on our current projects, please visit www.selfstoragezone.com
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com