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The Davis Companies has completed the sale of two self-storage properties in the Greater Boston area that are operated by Extra Space Storage. The assets, located at 235 N. Beacon St. in Boston and 970 Fellsway in Medford, MA, were acquired by a joint venture between Invesco Real Estate and Baranof Holdings. The parties did not disclose the transaction price.
The Boston facility is situated on North Beacon Street in the city’s Brighton neighborhood and comprises 47,769 square feet of self-storage space. Davis originally purchased this property in April 2018 and subsequently undertook a capital improvement program. As part of that effort, the company increased the number of storage units from 435 to 491, expanding the property’s revenue-generating capacity within the same building footprint.
The Medford property, located on Fellsway, totals 80,995 square feet. Davis acquired this facility in 2019 and also executed a significant expansion of its rentable unit count. The firm added 297 units, bringing the property’s total to 922 storage units. Combined, the two assets now include 128,764 square feet of self-storage and 1,413 units, all operated under the Extra Space Storage brand.
Newmark advised on the disposition, with vice chairman Kenneth Cox working on the assignment alongside the firm’s Self Storage Capital Markets team. Cox noted that the Greater Boston self-storage sector is experiencing sustained demand for properties that are well located and exhibit established operating performance. He added that these particular facilities drew buyer attention because of their urban and suburban locations, their scale, and the capital programs already completed by Davis, which collectively position the assets to support future ownership.
The sale to an institutional joint venture involving Invesco Real Estate and Baranof Holdings underscores ongoing investor interest in self-storage assets within the Greater Boston area. With both properties already stabilized, upgraded, and professionally operated, the transaction reflects the appeal of self-storage as an income-producing asset class for large-scale capital seeking exposure to markets with demonstrated demand.
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