Diversified Properties is planning a seven-building, 495-unit self-storage facility at 674 Route 17K in Montgomery, New York. — Rendering courtesy: Diversified
By Joshua Burd
Diversified Properties has started construction on a seven-building, 495-unit self-storage facility in New York’s Orange County, about 35 miles north of the New Jersey border.
The firm, which is based in Montville, expects the complex at 674 Route 17K in Montgomery to benefit from its access to interstates 84 and 87 and Route 17, as well as several local roads. CubeSmart is the proposed manager of the planned 81,400-square-foot facility, which Diversified will build through its in-house Morris Construction Management team.
Completion is slated for October 2023.
“No matter the asset class, our company’s vision is to locate underserved markets and utilize our in-house capabilities to drive value for our investors through development focused on meeting the needs of our local communities,” said Nick Minoia, founder and managing partner of Diversified Properties. “Orange County’s unmet need for self-storage provided us with a tremendous development opportunity and we’re thrilled to bring this Class-A facility to the community.”
The developer said the complex, about 60 miles northwest of New York City, will consist of a two-story, 39,000-square-foot building and six single-story buildings each measuring 6,900 square feet. The firm added that Orange County’s robust population growth and favorable demographics paired with a lack of institutional-quality self-storage facilities and high barriers to entry have made it an ideal market for such a project in recent years.
