Diamond Point Development LLC will break ground on two multi-story, climate-controlled, 700-unit self-storage facilities in Georgia during the first half of 2019. The projects are being developed in a joint-venture equity partnership with Castle Hill Investors LLC, a New York City-based real estate investment management firm, according to a press release.
Development will begin at 3900 Cascade Road in Atlanta in March, with construction for the second site, at Brandywine Boulevard and Highway 54 West in Fayetteville, commencing a month later. Both are expected to be complete in spring 2020. The Cascade Road facility will include a conference room and offer business services, while the Fayetteville property will offer automated unit rentals via kiosk.
“We have worked very hard to find neighborhoods in the Atlanta Metro that are underserved for climate-controlled self-storage,” said Diamond Principal Jason Sommer. “Currently, there are no climate-controlled self-storage options within four miles of the Cascade Road and Kimberly Drive site. Additionally, in Fayetteville, there is population and income growth, but there are no new-generation facilities to serve the community.”
The Diamond management team plans to engage with business owners and community residents following the property openings. “We look forward to sponsoring quarterly events to give back to the community, including a Toys for Tots holiday party and a Beat Breast Cancer fall festival,” Sommer said.
Diamond has four self-storage projects under development in Metro Atlanta. The company is led by Aaron and Jason Sommer, who are experienced in all facets of commercial real estate, including ground-up self-storage development and asset management, according to the release. The pair previously developed Neighborhood Self Storage in Riverdale, Ga.
Castle Hill is an owner and investor in multi-family and self-storage properties. It has ownership in two property-management companies that collectively manage 60,000 apartments nationwide and more than 8,000 self-storage units. The company was founded by managing partner Robert Stern.