Daytona Sees Influx of Migration from Eastern Seaboard

DAYTONA BEACH, FL—DXD Capital, a private equity investor and self-storage developer, recently revealed the opening of a brand new, class A storage facility within a Qualified Opportunity Zone in Daytona Beach, FL. The firm’s Drew Dolan, principal and fund manager, tells GlobeSt.com that Daytona has seen an influx of migration from other cities both in Florida and along the eastern seaboard with the largest movements coming from Orlando, Miami, and New York.

This particular facility has two single-story buildings consisting of 731 individual storage units totaling 63,650 net rentable square feet located at 2078 Old Kings Rd. It will feature drive-up and interior climate-controlled units and 45 parking spaces for vehicles such as RVs and boats. Public Storage will manage this facility, DC served as the general contractor, and Century Bank was the construction lender.

The property was acquired in January 2023 through DXD’s second fund, DXD Self Storage Fund II, which launched in June 2022 and has since invested in seven self-storage projects and one seven-facility acquisition across the United States.

According to Dolan, like other parts of Florida, he tells GlobeSt.com that “people are looking to Daytona for the good weather, amenities and activities, and favorable tax treatment. Compared to other areas in Florida, Daytona has an attractive cost of living, which will be increasingly important as South Florida has priced out most people,” he adds.

Both buildings were designed with drive-up units on all four sides, he explains. “We know, based on our research and data, those buildings are in high demand in the Daytona submarket.

To read more about self-storage, check out this recent article on the subject that notes that market conditions in this property type are picking up.