Montgomery, N.J. (January 24, 2023) – Diversified Properties announces it has begun construction on a seven-building, 495-unit self-storage facility at 674 Route 17K in Montgomery, N.Y. Construction for the project will be managed by Morris Construction Management, Diversified Properties’ in-house construction team and is slated for completion in October 2023. The proposed manager of the project is CubeSmart.
Situated within the northern portion of Orange County just over 60 miles northwest of New York City, the brand-new 81,400-square-foot, seven-building, 495-unit storage facility will consist of a two-story 39,000-square-foot building and six, 6,900-square-foot one-story buildings. The facility will boast tremendous accessibility from Interstates 84, 87 and State Route 17 as well as local roads including Routes 6, 9W and 209.
Orange County’s robust population growth and favorable demographics paired with a limited supply of institutional-quality self-storage facilities and high barriers to entry have made it an ideal market for self-storage development over the last several years. In the period from 2010 to 2020, Orange County saw 7.6 percent population increase to make it one of the fastest-growing regions in the NYC metropolitan area.
“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.”