Intercontinental Real Estate Corp/LaTerra Acquire Santa Clarita, CA Self-Storage Facility for $27 MM

LOS ANGELES - Rezul -- Intercontinental Real Estate Corporation ("Intercontinental") in joint venture with LaTerra Development ("LaTerra") has acquired EZ Access Self-Storage, a 784-unit self-storage facility in Santa Clarita, CA in an off-market transaction for $27 million.

Built in 2000 by the seller, a local property investor, EZ Access Self Storage consists of nine one-story storage buildings, a separate office and a residential unit used for on-site management. The average customer tenure of six years highlights the asset's strong retention, driven by its convenience as a single-story property with an abundant number of drive-up units (222 or 28% of the unit mix). These features are appealing for long-term users such as small businesses, contractors, or residents with limited home storage space.

Intercontinental and LaTerra plan to enhance value with a modest capital improvement program that will include modernizing the management office, upgrading hallway lighting, new landscaping and improving entry security. Additionally, the property will be rebranded as Public Storage following the engagement of the world's largest self-storage operator to manage it—a move expected to enhance operating efficiencies.

"Santa Clarita, the third-largest city in Los Angeles County, presents a compelling growth market for self-storage investment. Demand is underpinned by a robust 2.7% annual population growth rate and sustained residential development activity that includes both single and multifamily homes. Additionally, renters comprise approximately 30% of local households, suggesting the city offers a stable and expanding customer base for storage solutions," according to Jessica Levin, Managing Director and Head of West Coast for Intercontinental out of the private equity firm's Los Angeles office.

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"With a track record of resilient, long-term performance, self-storage has emerged as a compelling institutional alternative investment. This opportunity marks a strategic entry point for expanding our exposure to what we believe to be a high-performing asset class poised for continued growth," said Levin.

"The Los Angeles MSA is particularly supply-constrained when compared to the national average," Ross Karetsky, Associate Director, Acquisitions at Intercontinental noted. "Only five square feet of self-storage product exists per capita within the LA metro, while the national average totals between 10 and 13 square feet per capita. The LA metro needs more but has less, reinforcing our belief in this asset and its location."

Demand for self-storage continues to surge, with no signs of deceleration. According to Storage Café, a nationwide storage space marketplace powered by Yardi, approximately one-third of Americans currently utilize self-storage, and an additional 18% are planning to rent space in the near future.

"Self-storage demand is driven by life transitions—moving, downsizing, and lifestyle shifts that require flexible space solutions," added Bryan Miranda, Managing Director of Self Storge for LaTerra Development. "Catering to both renters and homeowners whose living spaces are not big enough for the things they own, it is not surprising that self-storge has outperformed all real estate asset classes over the past 25 years."

About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser* headquartered in Boston with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $18.41 billion in real estate property. As of June 30, 2025, Intercontinental manages a real estate portfolio of approximately $12.68 billion for its clients. Intercontinental investment strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects. For more information on Intercontinental please visit www.Intercontinental.net.

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*Registration with the SEC does not imply a certain level of skill or training

About LaTerra
LaTerra is a leading real estate investment management and development company with specific focus on Multifamily and Self-Storge assets. Its current portfolio includes more than 3,000 multifamily units and more than 1.5 million square feet of self-storage properties with a portfolio value at completion estimated to exceed $3 billion. LaTerra is headquartered in Marina del Rey, CA and manages more than $1.5 billion in committed project equity capital on behalf of investors in the United States, Canada and Australia. For more information, please visit www.laterradev.com