# DXD Capital Opens 890-Unit Richmond Class-A Self-Storage: Third Markaz-Backed Facility Completes 2025-2026 Gulf, Florida, and Virginia Pipeline > Richmond gets its first purpose-built Class-A storage since 2018 as DXD finishes a Kuwait Financial Centre-backed trio that started in Georgetown, Texas, and Sarasota, Florida. Extra Space management ties institutional operations to a data-driven developer thesis. - URL: https://www.yourcaio.co/news/dxd-capital-richmond-890-unit-grand-opening-september-2026 - Published: 2026-09-17 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Market Trends - Property type: Self-Storage - Tags: DXD Capital, Richmond Virginia, Extra Space Storage, Class-A Development, Markaz - Source: [DXD Capital](https://www.einpresswire.com/article/942472660/dxd-capital-announces-grand-opening-of-new-class-a-self-storage-facility-in-richmond-virginia) ## Key Takeaways - DXD Capital announced a September 15, 2026 grand opening for a 105,900-square-foot, 890-unit climate-controlled facility at 615 Mitchell Street in Richmond, Virginia, on a 3-acre site with three levels of drive-up access. - Extra Space Storage will manage the property, per DXD's September 15, 2026 announcement; DXD describes it as Richmond's first ground-up, purpose-built Class-A self-storage facility since 2018. - The Richmond asset is the third and final facility in a three-property portfolio that broke ground in summer 2025 with Mar-Gulf Management and MDI Capital, affiliates of Kuwait Financial Centre Markaz; Georgetown, Texas, and Sarasota, Florida, opened in April and June 2026. - The site sits along Chamberlayne Parkway near Richmond's Diamond District redevelopment anchored by CarMax Park, within roughly one mile of Virginia Commonwealth University and Virginia Union University combined enrollment exceeding 30,000 students. - Evans Construction built the project; SAA Architects designed it, continuing DXD's pattern of pairing proprietary site selection with institutional third-party management on [prior 2026 deliveries](https://www.yourcaio.co/news/dxd-capital-sarasota-928-units-grand-opening-july-2026). DXD Capital grand-opened a 105,900-square-foot, 890-unit climate-controlled self-storage facility at 615 Mitchell Street in Richmond, Virginia, on September 15, 2026. Extra Space Storage will manage the three-story property, which DXD calls Richmond's first ground-up, purpose-built Class-A storage delivery since 2018. The opening completes a three-facility, summer-2025 ground-break portfolio backed by Kuwait Financial Centre Markaz affiliates Mar-Gulf and MDI Capital after Georgetown, Texas, and Sarasota, Florida, opened in April and June 2026. --- ## What Did DXD Deliver in Richmond? The Richmond site spans 3 acres with 890 climate-controlled units across 105,900 square feet. Evans Construction built the project from SAA Architects plans. DXD emphasizes three levels of drive-up access on a multi-story design, a layout that preserves convenience premiums without single-story sprawl. Extra Space Storage management puts the asset on the nation's largest operating platform on day one. That mirrors institutional expectations for Class-A product: institutional construction quality plus REIT-grade customer experience. Scott Hughes, DXD managing director of construction, framed the portfolio logic: > Richmond rounds out this partnership exactly as we envisioned it. Three distinct markets, three tailored solutions, and one consistent standard of execution. - **Scott Hughes, Managing Director of Construction, DXD Capital** Hughes added that the project delivered Richmond's first ground-up Class-A facility since 2018 in one of the city's fastest-growing corridors. Eight years without new Class-A supply is a barrier story, not a demand absence story. | Richmond facility metric | Value | |--------------------------|-------| | Address | 615 Mitchell Street, Richmond, VA | | Net rentable SF | 105,900 | | Units | 890 | | Stories | 3 | | Site | 3 acres | | Climate control | Yes | | Manager | Extra Space Storage | | Grand opening | September 15, 2026 | --- ## Why Does the Diamond District Location Matter? DXD anchored its site narrative on Chamberlayne Parkway, adjacent to Richmond's 67-acre Diamond District redevelopment. CarMax Park, the city's new minor league stadium, anchors a plan that could grow toward 8 million square feet of entertainment, residential, and retail. Student demand is explicit in the release: Virginia Commonwealth University and Virginia Union University combine for more than 30,000 enrollment within roughly a mile. Seasonal turn storage is repeatable revenue if operators capture spring and fall move cycles. That infill thesis differs from exurban land-grab development. [Yardi Matrix's July 2026 outlook](https://www.yourcaio.co/news/yardi-matrix-july-2026-consolidation-midwest-sun-belt-rate-divergence-2026) shows national advertised rates still soft while supply deliveries decelerate. Developers who still break ground in 2026 are choosing constrained corridors, not wide-open Sun Belt farmland. Richmond also connects to Mid-Atlantic operating trends where [Self Storage Plus opened its fifth Virginia location in Bealeton in September 2026](https://www.yourcaio.co/news/self-storage-plus-bealeton-virginia-fifth-opening-september-2026). Virginia is absorbing both regional operator expansion and institutional Class-A entrants. --- ## How Does Richmond Complete the Markaz Portfolio? The three-facility program broke ground in summer 2025: | Market | Opening | Role | |--------|---------|------| | Georgetown, Texas | April 2026 | First delivery | | Sarasota, Florida | June 2026 | Second delivery | | Richmond, Virginia | September 15, 2026 | Final delivery | Markaz reported total assets under management exceeding KD 1.44 billion (USD 4.67 billion) as of March 31, 2025. The self-storage tranche is tiny relative to the balance sheet, but it shows Gulf institutional capital still pairing with U.S. specialists for niche real estate. DXD's [Sarasota 928-unit grand opening in July 2026](https://www.yourcaio.co/news/dxd-capital-sarasota-928-units-grand-opening-july-2026) proved the playbook in a Florida market with competing new supply. Richmond tests the same execution standard in a supply-starved infill submarket. Cross-border capital flows both ways in 2026: [Public Storage closed Public Storage Canada for $1.2 billion on September 1](https://www.yourcaio.co/news/public-storage-canada-acquisition-closes-september-2026) while Markaz-backed development finishes in Virginia and [private buyers still close Texas drive-up trades like Crowley Space Station](https://www.yourcaio.co/news/marcus-millichap-crowley-space-station-texas-sale-september-2026). Global capital is not retreating from storage; it is picking lanes. --- ## What Does Extra Space Management Signal for Lease-Up? Third-party management on day one tells you how DXD underwrites exit and stabilization. Extra Space brings pricing systems, call center scale, and brand trust that private developers rarely match on first-generation assets. The trade-off is fee drag versus speed. In a market without Class-A supply since 2018, speed to stabilized occupancy may outweigh margin on management fees. Extra Space's Q2 2026 earnings showed same-store revenue up 2.4% and NOI up 3.5% with occupancy at 94.2%, per public filings summarized in trade press. Richmond lease-up will still face the national move-in versus move-out rent gap Yardi Matrix highlights: move-in rents roughly 40% below move-out rents in 2026 stabilization data cited by [Scotsman Guide in September](https://www.yourcaio.co/news/self-storage-sector-stabilizes-q2-2026-scotsman-september-2026). Class-A product does not exempt operators from promotional web pricing. DXD's proprietary site selection tools target demand-supply imbalance and high barriers. Richmond's eight-year Class-A drought is exactly that profile. --- ## The Numbers Worth Writing Down - Richmond net rentable square feet: **105,900** - Units: **890** - Site size: **3 acres** - Grand opening date: **September 15, 2026** - Prior Richmond ground-up Class-A gap: **since 2018**, per DXD - Combined nearby university enrollment: **30,000+** - Diamond District planned scale: **up to 8 million SF** mixed-use, per DXD release - Portfolio deliveries in 2026: **3** (Georgetown, Sarasota, Richmond) - Markaz AUM (March 31, 2025): **KD 1.44 billion / USD 4.67 billion** - National under-construction share (July 2026): **2.1%**, Yardi Matrix --- ## Infill Class-A Is the 2026 Development Bet DXD Capital's Richmond opening is not a sector recovery call. It is a supply-gap call in a corridor with student, residential, and entertainment demand stacking simultaneously. Finishing the Markaz trio on schedule in a year when [trepp CMBS watchlists still flag storage stress](https://www.yourcaio.co/news/trepp-self-storage-cmbs-watchlist-30-percent-july-2026) shows selective development still clears capital committees. Operators in oversupplied Sun Belt metros should not read Richmond as permission to build everywhere. They should read it as proof that entitled, infill, institutionally managed Class-A still gets funded while generic suburban pipelines shrink. --- ## Sources - [DXD Capital Announces Grand Opening of New Class-A Self-Storage Facility in Richmond, Virginia](https://www.einpresswire.com/article/942472660/dxd-capital-announces-grand-opening-of-new-class-a-self-storage-facility-in-richmond-virginia), EIN Presswire / DXD Capital, September 15, 2026 - [DXD Capital Sarasota Grand Opening](https://www.yourcaio.co/news/dxd-capital-sarasota-928-units-grand-opening-july-2026), Your CAIO - [Self-Storage Sector Stabilizes Q2 2026](https://www.yourcaio.co/news/self-storage-sector-stabilizes-q2-2026-scotsman-september-2026), Your CAIO - [Public Storage Canada Acquisition Closes](https://www.yourcaio.co/news/public-storage-canada-acquisition-closes-september-2026), Your CAIO - [Self Storage Market Outlook](https://www.yardimatrix.com/blog/self-storage-market-outlook/), Yardi Matrix, August 2026 ## Frequently Asked Questions ### When did DXD Capital open its Richmond, Virginia, self-storage facility? DXD Capital announced the grand opening on September 15, 2026, for a 105,900-square-foot, 890-unit climate-controlled facility at 615 Mitchell Street in Richmond, Virginia. Extra Space Storage will manage the property. ### How many units does the Richmond DXD facility include? The Richmond facility offers 890 climate-controlled units across 105,900 square feet on a 3-acre site, with three stories and three levels of drive-up access, per DXD's September 15, 2026 press release. ### Who financed DXD Capital's three-facility development portfolio? The portfolio is a strategic partnership with Mar-Gulf Management Inc. and MDI Capital, LLC, international real estate subsidiaries of Kuwait Financial Centre Markaz. Georgetown, Texas, and Sarasota, Florida, were the first two deliveries in April and June 2026. ### Why does DXD highlight Richmond's Diamond District location? DXD cites the Chamberlayne Parkway corridor adjacent to the 67-acre Diamond District redevelopment, including CarMax Park and planned mixed-use growth, plus proximity to more than 30,000 students at VCU and Virginia Union for seasonal storage demand. ### How does Richmond fit national supply trends in 2026? Yardi Matrix reported national under-construction supply at 2.1% of stock in July 2026, with deliveries slowing to 2.4% of inventory over the trailing 12 months. Ground-up Class-A projects now target infill corridors with barriers, similar to [Basis Industrial's entitled Northeast development pipeline](https://www.yourcaio.co/news/basis-industrial-surprise-arizona-707-unit-development-september-2026) strategy. --- Cite as: David Cartolano, "DXD Capital Opens 890-Unit Richmond Class-A Self-Storage: Third Markaz-Backed Facility Completes 2025-2026 Gulf, Florida, and Virginia Pipeline," YourCAIO.co, 2026-09-17, https://www.yourcaio.co/news/dxd-capital-richmond-890-unit-grand-opening-september-2026