Construction Today - May 2017 - 39
that all three of the company's entities are involved in the $6
When finished, the location will feature 11 buildings with
76,000 rentable square feet. "Some of the buildings will open in
July to catch the busy summer rental season," Grebe adds, noting
that the project will be finished in August.
An important participant on the Timberline project is All Pro
Capital LLC, based in Colorado Springs, Colo. "It's a local capital
group whose partners comprise people living here in the front
range," Fredrick says.
"All Pro also invests with us in the Texas market," he adds,
noting that this helps keep local and regional money invested in
As it builds the Timberline project, GYS LLC keeps its finger on
the pulse of all the factors that play into a successful development. For example, "We're staying in touch with what investors
are wanting or expecting in return," Fredrick says.
The company also keeps current with building trends. "We are
participants in national and state self-storage associations," he
says. "We know what's going on in the broad industry."
GYS LLC also has friendships with associates at companies
with scopes ranging from one to 3,000 storage facilities. "Having
that personal knowledge sets us apart," Fredrick says.
Fredrick is proud of his team at GYS LLC. "Each of us is very much
a self starter," he says. "We combine our resources so we're able to
create a much larger pipeline of projects."
Grebe agrees. "We're all very self-driven and everyone is out
to succeed, every day," he says, noting that employees regularly
bounce ideas off each other. "It's very collaborative."
GYS LLC's team will help it continue to survive its market, as it
becomes increasingly complex. "Self storage is going to continue to
be a more and more challenging asset to develop," Fredrick says.
One reason for this is a shortage of easy-to-find sites. "There
are no more easy locations," he says. "As such, it's going to be
pricier to get the dirt."
Rising construction costs also will affect the company. "It costs
so much to get a project going," Fredrick says, noting that it cost
less than $2 million to build a self-storage facility in 2000.
Not only have costs gone up, but more sophisticated operations are required "because the risk has gone up," he says. "That's
where Grow Your Storage Development comes in."
The development division can systematically analyze locations and determine if they are financially feasible, Fredrick says.
Once it does that, "We can get it entitled and get it built," he says.
Grebe adds that the company also is assembling a portfolio of
storage facilities. "We are looking for good demographics, and we
don't shy away from those tough entitlement projects," he says.
"That's our strategy that we're looking to [use] in the coming
months and coming years."
MAY 2017 CONSTRUCTION-TODAY.COM