Half a dozen new self-storage facilities are slated for construction this year in both Arizona and New Mexico.
Titan Development Limited, which has offices in Albuquerque among other cities, has recently raised more than $82 million in private equity to fund the various projects, which will be built in Albuquerque, Phoenix, and Santa Fe.
The company’s goal is ultimately to raise upwards of $200 million for the projects, a goal it expects to meet later this year.
The company also expects to eventually build similar storage facilities in Colorado, Florida, and Texas.
Titan, a real estate investment firm founded in 1999, has spearheaded upwards of $2 billion in real estate investment, including the 218,000 square foot Hewlett Packard building in Rio Rancho in 2009.
According to industry statistics, at least $2.2 billion was spent on self-storage facility construction in early 2017, up from just over $2 billion the year before, with more than 900 such facilities built nationwide.