In March 2019, Montcrest Asset Management (formerly known as NYX Capital Corp.) acquired an existing 120,000 square foot self-storage facility on four acres of land. Montcrest partnered with Bluebird Self Storage to re-brand the existing, mispriced self-storage facility. Using active asset management, the partnership added value to the property by renovating the building, improving operations, and increased the in-place rents to market level. There is also room to expand the facility by developing a new five–storey, 60,000 square foot building in the back lot. The completed development will provide 1,360 climate-controlled storage units, 24 office units, and 56 parking spaces.
This location resides off the busy intersection of Ingram Drive and Keele Street near Yorkdale Mall, which draws many people to the area. In addition, a large developer has plans to build 1.3 million square feet of residential and commercial spaces just 1.5 kilometres from the site. Another developer plans to construct a new development consisting of townhomes and mid-rise condominiums on the south border of the site. This location presents all the ideals for self-storage, including attractive demographics, high traffic, thriving businesses, and dense residential neighbourhoods.
