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Self-Storage REIT Extra Space Partners With Project Destined to Offer Paid Internships

Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and management company, partnered this summer with social-impact platform Project Destined to provide a paid internship program. The initiative offers mentorship and training in financial literacy, entrepreneurship and real estate to students from underserved communities, according to a press release.

“Extra Space is proud to be a launch partner of Project Destined in Salt Lake City, Utah,” said Noah Springer, chief strategy officer for Extra Space. “We're excited to be Project Destined’s first partner to showcase the self-storage sector as an institutional, commercial real estate asset class to the next generation of real estate leaders.”

Project Destined has collaborated with more than 160 real estate firms and 125-plus universities in Canada, Europe, the United Kingdom and the United States to provide diverse students with internship opportunities that allow them to explore ownership through live real estate deals. Since its founding in 2016, the organization has worked with more than 3,500 participants in 35 cities, including Dallas, London, Los Angeles, Miami, Paris and New York City.

“We are excited to partner with Extra Space Storage to launch in Salt Lake City and expand our student’s exposure to the incredible career opportunities in the self-storage sector,” said Project Destined Co-Founder Cedric Bobo. “The real estate industry provides unparalleled opportunities to build a great career while also impacting your community and your city. This partnership will ensure that these students are ready to take on that challenge.”

The interns worked one-on-one with Extra Space team members and leaders to gain real world insight to how a self-storage deal is done, from acquisition to renovation and completion, Springer said. “This is a two-way track; while exposing the students to our industry and company is one goal, I have also been impressed with each individual and hope that some of these students will work for Extra Space in the future. Their enthusiasm, preparation and professionalism excite me to see what the future holds for each participant.”

Extra Space mentors are preparing, engaging and guiding students to help them develop a range of fundamentals including financial, technical, presentation and leadership skills designed to aid them in obtaining internships, certifications, full-time employment and launching their careers in commercial real estate. Project Destined leverages a work-based learning approach where students join executives to evaluate actual commercial real estate deals in their community and compete in a pitch competition to industry leaders to earn scholarships.

“My experience working with the Extra Space team has encouraged me to pursue a career in the real estate industry,” said Jessica, an intern. “It has also opened my eyes to the importance of working in a company with good work culture.”

“Working with Extra Space has been the best work experience I have had so far since I started my academic journey,” said Matheus, also an intern. “I have learned about the self-storage market, and I have been able to learn a lot of new principles, definitions and market strategies.”

Headquartered in Salt Lake City, Extra Space owns or operates more than 2,130 self-storage properties nationwide and in Puerto Rico. The company’s properties comprise approximately 1.5 million units and 164.2 million square feet of rentable space.

Source: Extra Space Storage, Extra Space Storage Partners With Project Destined to Mentor Students in Commercial Real Estate

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