Self Storage Development
Iron Point Partners / Adams French Property Joint Venture (IPAF)
In 2018, Adams French formed a Joint Venture with an institutional real estate investment fund called Iron Point Partners. Iron Point invested an initial $25MM of equity into eight ground-up, self-storage developments in Indianapolis and Minneapolis. The JV’s capital deployment is designated for Class-A, multistory self-storage facilities within the top 50 MSA’s and operated under the Extra Space Storage management platform. The first facility opened in mid-2018, with the remaining developments being constructed and opened through 2021. Iron Point Partners has since invested an additional $25MM of equity for new projects, with the first site under development in St Paul, MN and scheduled for delivery in April 2021.
Two of the initial developments in Fishers and Noblesville, Indiana were sold to Public Storage in late 2019/early 2020 for $21MM and achieved a 46% IRR on $5.9MM of invested capital by the JV
Adams French Property Development (AFP)
Since 2005, Adams French Property has been developing ground up self storage facilities in Indianapolis, IN. Over an eleven year period, AFP built a five property self storage portfolio through development, acquisition, and expansion. The five property portfolio was sold to Extra Space in 2016 for $27 Million.
Fishers IN IPAF
Completed in 2018, the Olio Road facility was the first facility put into the Iron Point Joint Venture. Similar to the Michigan Road property, this was a hybrid design, making use of three separate parcels of land to maximize rentable square feet across multiple single and multi-story buildings. This Class A facility built in the affluent and growing city of Fishers IN was sold in early 2020 to Public Storage for $10.5MM.
Noblesville IN IPAF
Completed in 2019, the Noblesville facility was built on a 9 acre parcel that was rezoned from a residential estate, to a commercial parcel for self storage use. Given the size of the land, this facility was built out in several single story buildings to suppress construction costs. The Noblesville facility was sold with the Fishers facility in early 2020 for $10.5MM as part of the Iron Point Joint Venture.
Bloomington MN IPAF
Completed in 2019, the Bloomington facility was the first facility built in the Minneapolis-St. Paul MSA by the Iron Point Joint Venture, and is the largest facility that the Adams French Team has built to date. At 82,000 rentable square feet with additional exterior parking spaces, this property leased to 75% occupancy in under two years of operations.
Roseville MN IPAF
Completed in the Spring of 2020 by the IP/AF JV, the Roseville facility stands at 77,000 rentable square feet in a densely populated submarket of the Minneapolis-St. Paul MSA. Operating today, this facility leased over a third of its units in eight months of operations.
Crystal MN IPAF
The third facility completed in the Spring of 2020 by the Iron Point / Adams French Team was built in the retail corridor of Crystal MN. At over 80,000 rentable square feet, this facility was built to command street presence in a highly trafficked part of town. Currently operating, this facility has leased up to over 30% in 8 months.
Indianapolis IN (Downtown) IPAF
The Washington Street facility located in downtown Indianapolis was completed in the Spring of 2020. This site was cultivated through leveraging long standing local relationships in the Indianapolis business community, and ultimately zoned and approved by the Adams French Team. Constructed and completed by the IP/AF JV, this property boasts 79,000 rentable square feet in a highly populated, urban downtown environment.
North Saint Paul MN IPAF
Currently under construction, the North Saint Paul facility is scheduled to be delivered in the Spring of 2021. This facility was approved as part of a mixed use development in the densely populated city of North Saint Paul. Taking advantage of the growing multifamily developments next door, and the high traffic and visibility from MN-36, we are excited to begin leasing in the Spring.
Indianapolis IN (Downtown) IPAF
This facility is currently under construction and scheduled to open in the Spring of 2022. Located at the corner of 25th Street and Central Avenue, this facility will be built directly in the heart of the bustling downtown Indianapolis community. The facility will have 65,000 feet of storage as well as 2,700 square feet of retail included.
Indianapolis IN AFP
Completed in 2017, this Class A facility was built and ultimately sold shortly after certificate of occupancy for $7.7MM. Taking advantage of available land on the highly trafficked Michigan Road corridor, Adams French used a hybrid facility design of both multi-story climate controlled units as well as single story drive up and non-climate to suppress construction costs and increase the rentable efficiency.
Indianapolis IN AFP
The very first storage facility built ground-up by the AFP team. Completed in 2005, this facility was built to satisfy a need for storage in a lower income market near the intersection of 38th Street and Lafayette Road. Suppressing construction costs by building single story drive up units, this facility leased up to 90% occupancy in under two years.
Indianapolis IN AFP
The second ground up facility in the AFP portfolio was built in 2008 off of Emerson Avenue on the South Side of Indianapolis. The AFP team was approached with a challenging piece of commercial land, and was able to craft a design for storage on the parcel. This facility was later expanded in 2010 after a high lease up velocity of the original units.