GYS Development LLC is an opportunistic real estate development company focused on the self storage asset class. From conception through disposition, GYS Development looks to maximize cash flow and financial returns for investors and clients on a continual basis.
At GYS Development, we know how to locate a great site, develop a plan, manage the project and get a facility built and operational in timely manner. Visit our portfolio tab to see a list of our facilities.
Development services include:
- Site review and evaluation
- Acquisitions and brokerage
- Entitlements & approvals
- Internal feasibility studies
- Trade area market analysis
- Unit mix and building layout design
- Real estate due diligence
- Pro forma management and project underwriting
- Specific go/no-go analysis
- Design team management
- Development & construction management
- Debt and equity structures and sourcing
- Capital partners
- Operating agreements/JV structures
- Development management in several different states. Visit our assets tab to see a list of our facilities.
We believe in
“See the Big Picture and Execute the Details”
It takes an interesting type of individual to open a new building, sometimes pushing 100,000 SF, with no tenants and combine that with the absolute expectation of success and a plan to realize that success. That is the kind of people we are at GYS Development.
GYS Development treats each self-storage project as a unique business opportunity and challenge. Each project is distinct in its location, customer base, growth potential, accessibility, rates, and sponsorship. GYS Development goes through a 4-tier market study and evaluates each property across numerous performance criteria to assess its productivity relative to its potential. The company does not look at consolidated reports which tend to hide the weaknesses of a facility behind the strength of another facility. Each property is analyzed in detail on its stand-alone performance. It takes persistent effort, market experience, and strategic timing to develop a top performing self-storage facility.
“Start with the End in Mind”
We are building cash flows in the form of renting storage units. In order to do this, one needs to start with a clear vision of the finished product. A stabilized, cash flowing property is an outcome that can be achieved by pursuing a comprehensive, integrated approach to self-storage development. Success is not a given. Self-storage developments do fail. There are many challenges that catch even experienced developers unaware. One must begin with a commitment to build an economically feasible project from conception to certificate of occupancy and through disposition.
“Act Systematically or Not at All”
In order to develop a self-storage project in today’s current environment, one must have a system in order to succeed. That is to say: without a step-by-step method of project management, you are condemning a project to underperformance or complete failure. There are so many potential snags to get a self-storage development complete that include (but not limited too); tough entitlements due to municipalities not wanting additional storage, land use code changes, increasing cost of land, environmental and building code issues, sponsorship strength, lender underwriting scrutiny, upper-ward pressure on interest rates, other self storage developments saturating markets, complex real estate structures, title and legal issues, increasing construction costs, and the list goes on. For example, entitlement procedures that used to take 6 months can now extend as long as 24 months (if you need to hear specific nightmares, give us a call). Construction costs are rapidly escalating as the availability of quality sub-contractors decreases. If you aren’t utilizing a tried-and-true project management system, you will lose sight of your critical paths, and subsequently, your opening date will move further and further away. We have created a project development system that works exclusively for self-storage.