671 Batchelor St. in Toms River — Courtesy: DXD Capital
By Joshua Burd
Private equity investor DXD Capital has taken the wraps off a new climate-controlled, 761-unit self-storage building in Toms River.
The firm, which is based in Albuquerque, New Mexico, said the project at 671 Batchelor St. has 62,818 net rentable square feet across four stories with multiple elevators and a drive-in loading area. Public Storage will manage the facility, following a project in which Jayeff served as the general contractor and Century Bank as its construction lender.
According to a news release, the developer acquired the property in June 2022 through its DXD Self Storage Fund I, which launched in November 2020 and closed with $63 million in committed capital. DXD launched its second fund in June 2022 and has since invested in seven self-storage properties and one seven-facility portfolio acquisition across the United States.
“Storage rates on the Jersey Shore excited us to invest in the region,” said Drew Dolan, principal and fund manager. “When analyzing this site, the underlying zoning code indicated that building a self-storage facility at this location would be nearly impossible. DXD leveraged its local consultant relationships to pave a path forward despite the high barriers to entry.
“This is one of two investments DXD has made in the coastal area, with the other near Atlantic City. Our Toms River facility was a heavy lift by our entire team but will make it all the more valuable for that reason.”
