DXD Capital opens Richmond self-storage facility

DXD Capital has opened a new 890-unit, climate-controlled self-storage property in Richmond, Virginia, completing a three-site partnership with Mar-Gulf Management and MDI Capital. The facility adds Class-A storage near the Diamond District and Virginia Commonwealth University as Richmond continues to grow.

Why it matters: - The Richmond opening gives the city a new Class-A, climate-controlled storage option in a fast-growing corridor. - The project completes DXD Capital’s three-property portfolio with Mar-Gulf Management and MDI Capital. - The site adds storage capacity near major residential growth, the Diamond District and two large universities.

What happened: - DXD Capital announced the grand opening of a new self-storage facility at 615 Mitchell Street in Richmond, Virginia. - The facility has 890 climate-controlled units across 105,900 square feet and three stories. - Extra Space Storage will professionally manage the property. - DXD Capital said the project is the third and final property in its partnership with Mar-Gulf Management Inc. and MDI Capital, the international real estate subsidiaries of Kuwait Financial Centre Markaz.

The details: - The facility sits on a 3-acre site. - Evans Construction Inc. built the property. - SAA Architects, Inc. completed the design. - The building includes three levels of drive-up access, which is uncommon in multi-story self-storage projects. - DXD Capital said the Richmond property is the market’s first ground-up, purpose-built Class-A storage facility since 2018. - The location is along Chamberlayne Parkway near the Diamond District, a 67-acre redevelopment anchored by CarMax Park, Richmond’s new minor league baseball stadium. - The Diamond District is planned to grow into an 8-million-square-foot entertainment, residential and retail district. - The site is less than a mile from Virginia Commonwealth University and Virginia Union University. - The two schools have a combined enrollment of more than 30,000 students. - The company positioned the property as a convenient storage option for students each spring and fall.

Between the lines: - The Richmond opening suggests DXD Capital is targeting markets with visible demand growth and limited new supply. - The three-site portfolio shows a development strategy built around select markets rather than broad expansion. - The Class-A positioning, climate control and drive-up access are aimed at differentiating the property in a competitive storage market.

What's next: - DXD Capital has now finished the three-property portfolio that began construction in summer 2025. - The first two facilities opened in Georgetown, Texas, in April 2026 and Sarasota, Florida, in June 2026. - Markaz said it has continued expanding investment channels through vehicles including mutual funds and real estate funds.

The bottom line: - DXD Capital has completed a multi-market self-storage buildout, and Richmond is the final piece.