It's an exciting time at DLC. In a perfect case study of how our vertically integrated team executes in unlocking the value of real estate, Chris Ressa interviews Jack Rosencrans, Vice President of Development at DLC, about DLC's foray into self-storage development in Columbus, OH.
The conversation covers the rise of self-storage as a viable asset class, the strategic decision to enter the Columbus market, the development process, including zoning approvals, underwriting, and construction challenges, as well as the early performance of the facility post-opening. Jack shares insights on the market dynamics, the importance of data in decision-making, and the potential for future self-storage projects at DLC.
Takeaways
- Self-storage has become a lucrative asset class post-COVID.
- Columbus was chosen for its under-supply of self-storage.
- DLC utilized in-house capabilities for construction and development.
- Zoning approvals were a significant part of the development process.
- The project faced scrutiny and required thorough feasibility studies.
- Underwriting involved collaboration with established operators like CubeSmart.Value engineering was crucial to manage construction costs.
- The facility opened ahead of schedule and is performing well.
- Local market knowledge was key in securing financing.
- DLC sees potential for more self-storage developments in the future.
Chapters
- 00:00 Introduction to Self-Storage Development
- 01:59 The Rise of Self-Storage as an Asset Class
- 04:59 Market Analysis: Why Columbus?
- 09:10 Navigating the Development Process
- 12:04 Underwriting and Financial Considerations
- 14:51 Construction Challenges and Solutions
- 21:13 Opening and Early Performance
- 23:54 Future of Self-Storage at DLC
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