About this event
Wichita's self-storage market is under-supplied, and nothing in the pipeline is set to close that gap. On Wednesday, September 2 at 1:00 PM ET, Hearthfire is hosting a live webinar on Wichita Self Storage, our newest ground-up development: a 691-unit, 100% climate-controlled facility, operated by Extra Space Storage.
Join Sergio Altomare, CEO & Co-Founder, and Jordan Canino, Senior Director of Investor Relations, for a live walkthrough.
This is a ground-up development, not a stabilized asset. Total project cost is $13.2M, with about $4.5M in LP equity being raised. The project is projected to reach 92% stabilized occupancy by Year 4.
We picked up the land at roughly $744,000 an acre, which puts the hard cost basis under $100 per square foot — a basis that's difficult to find in higher-cost coastal or Sun Belt markets for a comparable Class A, climate-controlled facility. It's also not our first time building here: this is Hearthfire's 14th asset under management in the Midwest and our 5th ground-up development in the region, built with MLCO, our general contractor on this deal and three others with us.
The 3-mile trade area around the site holds about 73,500 residents, 46% of them renters, and carries only 7.43 square feet of self-storage per capita. That's not a projection. It's the current gap in a market anchored by Boeing and Spirit AeroSystems' reintegration, a cluster that supports 34,000-plus direct jobs (65,000-plus total) and more than $24 billion in annual output. Median household income within three miles runs $88,514, well above the city's median of $64,620, and stabilized climate-controlled rents in the trade area have averaged about $22/SF over the trailing 12 months.
Final site plan and all municipal approvals are secured from the City of Wichita, and third-party reports are complete. The site is shovel-ready, and we haven't found a competing climate-controlled facility under construction nearby.
On the call, we'll walk through the site plan, the underwriting, and how the raise is structured. Bring your questions. We'll leave time for them!
Hosted by
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Team member
Sergio Altomare CEO @ Hearthfire HoldingsT
I’m Sergio Altomare, CEO & Co-Founder of Hearthfire Holdings, managing $150M+ in self-storage assets with 9 exits over 25% IRR. Drawing on my 22 years at the U.S. Federal Reserve, I blend finance, tech, and real estate expertise while staying active in philanthropy, education, and community service.
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Team member
Jordan Canino Senior Director, Investor Relations @ Hearthfire HoldingsT
Mr. Canino has over ten years of experience in self-storage acquisitions and capital markets, working with firms such as Snapbox, Poverni Sheikh Group, DXD Capital, and Coastal Investment Company. At Hearthfire, he serves as Senior Director of IR, guiding investors every day.
Hearthfire Holdings
Hearthfire Capital specializes in self-storage syndication, focusing on creating a robust and scalable investment platform that integrates real estate assets and innovative technology to provide significant, risk-adjusted returns for investors in a res...
