The Davis Cos. sold two self-storage facilities in the Boston area to a joint venture between Invesco Real Estate and Baranof Holdings.
The properties, located at 235 North Beacon St. in Boston and 970 Fellsway in Medford, Mass., are operated by Extra Space Storage. Davis did not disclose the sale price.
The Boston property is a 47,769-square-foot facility in the Brighton neighborhood. Davis acquired the asset in April 2018 and completed capital improvements, including a second-floor expansion that increased the unit count to 491 from 435. The facility is approximately 90 percent occupied.
The Medford property is an 80,995-square-foot facility with 922 units. Davis acquired the asset in 2019 and added 297 units, along with upgrades including a new roof, sprinkler system, HVAC repairs and other building improvements. The property is approximately 84 percent leased. It is located adjacent to The Clayborn, a 289-unit residential development by Davis now under const
