Bakersfield Self-Storage QOZ Project by YourSpace America

The project is a ground-up, fully climate-controlled self-storage development located in an Opportunity Zone at 141 N. Chester Avenue in Bakersfield, CA. The 1.71-acre site will feature a state-of-the-art, institutional-quality Generation V facility totaling 108,828 GBA and 80,702 NRSF, with approximately 813 units and a 1,225 SF office. The facility will include advanced security and coded electronic access for customers.

The site is zoned for self-storage use via a CUP approved in April 2025, and the sponsor acquired the parcel in October 2025. Building permits are in process. The surrounding market is significantly underserved, with only two climate-controlled facilities in the five-mile trade area and an average facility age of 39 years. The three-mile population exceeds 90,000, and more than 230,000 residents live within five miles.

Bakersfield is the ninth-largest city in California, with an estimated population of approximately 419,000 and steady annual growth of about 2%. The region benefits from housing expansion and a diversified economy led by agriculture, healthcare, energy, and logistics. Kern County posted 5.2% economic growth from 2022 to 2023, and Bakersfield remains one of the most affordable metro areas in the state.

The facility will be managed by CubeSmart (NYSE: CUBE), the third-largest owner and manager of self-storage in the world, with ARCO Murray, a national firm and leading self-storage contractor, serving as general contractor. YourSpace America has completed multiple Opportunity Zone self-storage developments, including projects in Tucson and Phoenix and a Las Vegas project completed in December 2025. The sponsor's senior management team has collectively acquired, refinanced, and sold real estate assets totaling more than $2 billion.

The total project cost is approximately $17.4 million, funded with an even split of equity and debt of roughly $8.7 million each. The sponsor projects an average IRR of 22.8% and an investor equity multiple of 6.78x. Projections are sponsor-provided and are not a guarantee of performance.