Real estate firm Rosewood Property Co. (RPC) has begun construction on a self-storage facility in Tigard, Ore., a suburb of Portland. It’ll be the company’s first location in the area, according to a press release
The multi-story structure at the intersection of Oregon Route 99W and S.W. 68th Parkway will comprise 83,375 rentable square feet of storage in 850 units, 94 percent of which will be climate-controlled. Once complete, the facility will be managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name.
“This new facility will add another important project to our expanding presence in the self-storage sector, and we are excited to expand to the Portland-area market,” said CEO Bill Flaherty. “It was carefully and thoughtfully designed in a strategic area to meet the needs of its targeted customers. We will continue our focus to selectively add self-storage projects in multiple markets that are a strategic fit within our portfolio.”
Earlier this month, RPC acquired a newly opened self-storage facility in San Antonio, its third in the city. The property comprises 88,875 rentable square feet of storage space in 784 climate-controlled units.
Based in Dallas, RPC owns 43 self-storage facilities in 11 states, totaling more than 3.25 million square feet and containing 26,500 storage units. The company is developing multi-story projects in select markets and remains focused on actively building its portfolio, mainly through acquisition, the release stated.
RPC is a wholly owned subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its investments include office, multi-family, industrial, self-storage and land assets as well as equity securities of public and private real estate investment companies.