Ground-Up Self-Storage Investment Opportunity
20130 Badger Road, Bend, OR 97702
NRSF
92,584
GSF
118,800
Unit Count
877
1.87-acre Shovel-ready Development Site Within a Top-performing Self-storage Market
Disclaimer
General Disclaimer:
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Investments described herein are subject to restrictions on transfer and resale. Investors should not assume they can easily liquidate their investments. Forward-looking statements included in this document are based on current information and assumptions and are subject to risks that could cause future outcomes to differ from those expressed or implied. Signal Ventures LLC does not update forward-looking statements based on new information or future developments unless required by law.
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This document may contain future financial projections and forecasts. These are based on various assumptions and hypothetical scenarios, and Signal Ventures LLC makes no guarantee or warranty regarding these projections. Past performance does not guarantee future results, and any performance examples are based on assumptions that could differ from actual results. Potential investors should understand that projections are not indicative of actual outcomes and that no representation is made regarding the likelihood of achieving profits or performance similar to those presented.
Contact Information
Shane Mason
Taylor Gimian
Office Location
JLL Capital Markets
One Front Street, Suite 2100
San Francisco, CA 94111
Opportunity Overview
Jones Lang LaSalle (“JLL”) has been exclusively engaged by Signal Ventures (the “Sponsor”) to arrange up to $7,150,268 in Joint Venture equity financing for the development of a shovel-ready, Class-A self-storage project in Bend, Oregon located at 20130 Badger Rd, Bend Oregon 97702 (“the Project”). The Sponsor is seeking construction financing of $11,917,113 (60% LTC) for a loan term of 3 to 5 years that results in an untrended debt yield of 13.4% and loan-to-value of 60%. The Project is fully entitled with permit-set approval to build a 100% climate-controlled 877 unit / 92,584 NRSF self-storage facility on a 1.87-acre site. The Sponsor will secure financing, engage a general contractor for construction, and appoint a third-party manager for operations.
The Sponsor is under contract to acquire the land site for $3,570,000 million in March 2025, has permits in hand, and plans to start construction at loan closing in Q2 2025. This site is strategically located within a high-demand market area with excellent accessibility, highway frontage, and proximity to affluent residential communities. The Project benefits from the fast-growing Bend market which has doubled in size since 2000 with only 0.6 sf of climate-controlled space per capita. No new storage has been built in the last 8 years, despite 15 mid-rise apartment buildings going up in that same time period.
Signal Ventures is an Oregon-based, thematic commercial real estate investor and developer with a 20-year track record in real estate investment & development in and around Bend Oregon. Signal’s track record includes 2 self-storage facilities (one acquisition + one development), 5 car washes, and 200 single-family home developments. The Sponsor’s team is composed of high-quality individuals with backgrounds in capable organizations and long-track records in architecture, engineering, and project management. The Sponsor controls $59mm of additional shovel-ready development pipeline in Corvallis, Bend, and Springfield, demonstrating strong conviction in the fundamental resilience of the Oregon self-storage market.
Investment Highlights
Target Stabilized NΟΙ - $1,780,379
Target Total Capitalization - $19,861,855
Target Untrended Yield on Cost - 8.1%
Target Untrended Debt Yield - 13.4%
Target Loan To Value - 60%
NRSF - 92,584
Target Equity Raise - $7,150,268
Target Levered IRR - 25.1%
Target Levered Equity Multiple - 2.6x
Target Holding Period - 4.5 years
Investment Highlights
Ready-to-build Self Storage Development Site
The site is fully entitled for self-storage, with all necessary permits secured. Most preconstruction work has been completed, allowing a potential buyer to enter a fully shovel-ready project. Detailed information on the completed work, including entitlements, easements, right-of-way, design, architectural plans, and permits are all available.
Exceptional Highway Visibility
Located at 20130 Badger Road, this site enjoys prime visibility along Bend’s major north-south thoroughfare, U.S. Route 97. US-97 is the busiest road in Bend with 24,826 AADT at this location and growing!
Prime Retail-focused Location
The site is surrounded by top national retailers, attracted by its strong accessibility, high traffic volume on US-97, and excellent local residential demographics. Within a 3-mile radius, the population is around 60,000 residents with an affluent average household income of $124,000. Notably, Walmart operates adjacent to the site, and it has become one of the highest-performing Walmart stores in Oregon, drawing over 2.4 million annual visitors.
Low Competition From High-quality Facilities
Within a 3-mile radius of the site, there is approximately 656,046 square feet of competing self-storage space, equating to 11.5 square feet per person. However, there’s a significant gap in climate-controlled storage offerings, with only 35,000 square feet of climate-controlled units available.
Rapid Market Growth In Bend
Bend is one of the fastest-growing cities in the U.S., with a population increase of 91% since 2000. This growth has fostered a high-performing real estate market that continues to thrive thanks to Bend’s remarkable development trajectory.
Strong Self Storage Market Performance
Bend's self-storage market has a history of high occupancy rates and strong rental performance, driven by the area's affluence and rapid population growth. A primarily mom & pop market, two top self-storage REITs have expressed interest in managing the facility, potentially offering a competitive advantage through advanced web presence, brand recognition, best-in-class operations, and revenue management.
Why Invest in Self-Storage?
Sponsorship Team
Signal Ventures, headquartered in Bend, Oregon, has been operating since 2001, bringing over two decades of experience in real estate investment and development. Founded and led by Jason Adams, the firm specializes in data-driven strategies across self-storage, industrial, and residential projects.
Their extensive portfolio includes successful ventures like the Tumalo Self Storage project, which achieved gross returns of 72% internal rate of return (IRR) and 10.2x equity multiple over a two-year holding period, and the Bend Flying Frog Car Wash, yielding gross returns of 36% IRR and a 14.7x equity multiple over seven years.
Signal Ventures emphasizes transparency and meticulous attention to detail, ensuring smooth transactions and robust returns for investors. Their seasoned team leverages advanced data analytics to transform underperforming properties into high-performing assets, providing accredited investors with opportunities for passive income through real estate.
Jason Adams
Jason has been a real estate business owner since graduating from college in 2001. He has diverse experience in residential development, self-storage, car wash, construction, and multi-family. His great professional joy is having teams of people working together in coordinated efforts to achieve common goals with easy-to-follow data points and actions.
Chris Stimac
Chris joined the company as a Data Analyst in 2018. A US Army veteran, Chris served in Operation Iraqi Freedom and spent several years in the Army’s 3rd Infantry Regiment (The Old Guard), performing ceremonial and security duties for high-ranking officials in Washington, DC.
Brandon Bennett
Brandon Bennett joined Signal Ventures in 2021 as our Residential Project Manager. Very quickly, he rose to the occasion and now manages all development and construction projects for Signal Ventures. Brandon obtained his B.S. in Business from California State University
development team
Leading commercial contractor with extensive
self-storage expertise.
Investment Timeline
LOI Signed
Target: PSA To Be Executed
Target: Permits Pulled
Target: Equity Raise Deadline
Target: Deal Close
Target: Breakground on Construction
Target: Open Operations
Market Overview
Bend, Oregon, located along the Deschutes River on the eastern edge of the Cascade Range, lies south of Portland and east of Eugene. The city boasts a rich cultural and historical background, offering a strong sense of community. Unique to Bend, residents can enjoy both skiing on Mt. Bachelor and floating down the Deschutes River in 80-degree weather, all in the same day during certain seasons.
Famous for its 300 days of sunshine, vibrant craft breweries, and plentiful outdoor recreation options, Bend has seen rapid population growth and a rising cost of living. This has led to a significant demand for affordable housing. The city’s location, combining lush mountain forests and expansive high desert plateaus, provides residents with a stunning variety of natural landscapes and outdoor activities.
Since 2000, Bend’s population has surged by 91%, making it one of the fastest-growing cities in the U.S. This remarkable growth has fueled a robust real estate market well-positioned to thrive and expand further in the coming years.
The Bend Story
Small Town Feel
Bend has retained its small-town feel as it grows and attracts lifestyle migrants from around the country.
300 Days
Of sunshine and four true seasons.
Demand for Climate-Controlled Storage
With Bend’s expanding affluent population, climate-controlled storage commands a premium, meeting the needs of residents who require high-quality, secure options for their belongings.
Recreation and Great Scenery
Skiing at Mt. Bachelor, river floating, fishing, hiking, mountain biking, breweries, photography, and more.
Great Retirement Area
Bend population growth is boosted as it becomes an increasingly popular retirement destination.
Zoom Town Appeal
Bend, Oregon, has emerged as one of the nation’s premier “zoomtowns,” appealing to remote workers and tech executives seeking a balance of scenic beauty and vibrant community life. Bend’s population has grown by 91% since 2000, and by 10% since 2020, as an influx of professionals and families continue to move to this sunny, picturesque foothill town.
Exploding Residential Market
Oregon’s Thriving Market
Population Growth
Oregon’s population grew by 10.6% between 2010 and 2020, reflecting steady growth largely driven by migration, especially from states like California. More detailed migration data can be found through the Oregon Office of Economic Analysis (Home | USAFacts) (Oregon Office of Economic Analysis).
Self-Storage Demand and Saturation
According to the Self Storage Almanac and SpareFoot, Oregon has 7.54 square feet of storage per capita. Occupancy rates for storage facilities in the state range between 91-95%, according to Yardi Matrix data (Home | USAFacts).
National Self-Storage Growth
The self-storage industry is projected to grow by 5.2% annually, reaching a market size of $65.3 billion by 2027. This information comes from the Self-Storage Association.
Job Growth and Economic Performance
Oregon has an annual job growth rate of 1.9%, according to data from the Bureau of Labor Statistics. Median household income stands at $76,554 (OregonOffice of Economic Analysis).
Housing Market Data
Median home prices in Bend, Oregon, are around $700,000. Rental rates for a one-bedroom apartment in Bend average approximately $1,800–$2,000 per month.
Competition Map
Area Map
This site boasts 1.87 acres with frontage along U.S. Route 97, the primary north-south corridor through Central Oregon, providing high visibility and accessibility within Bend’s central commercial and residential zones. It has a strong AADT at 24,826.
Comparable Rentals
| Site Name | Address | City | State | Climate Controlled Rental $/NRSF | Rate Type | Time Period | Source |
|---|---|---|---|---|---|---|---|
| Trojan Storage | 2705 NE 4th St. | Bend | OR | $2.02 | In-Store | Last 3 Months | Direct |
| Northwest Self Storage | 62939 N Highway 97 | Bend | OR | $1.94 | In-Store | Last 3 Months | Radius+ |
| Northwest Self Storage | 136 SW Century Dr. | Bend | OR | $3.03 | In-Store | Last 3 Months | JLL Adjustment to Radius+ |
| Northwest Self Storage | 150 SW Industrial Way | Bend | OR | $3.85 | In-Store | Last 3 Months | JLL Adjustment to Radius+ |
Comparable Sales
| Address | City | State | Date Closed | Year Built | Sales Price | NRSF | Sales Price / NRSF |
|---|---|---|---|---|---|---|---|
| 2705 NE 4th St. | Bend | OR | 2022-06-30 | 2017 | $33,020,000 | 80,325 | $411 |
| 9309 Aurora Ave N | Seattle | WA | 2023-08-28 | 2017 | $28,120,000 | 94,946 | $296 |
| 19730 SW Shaw Street | Beaverton | OR | 2023-08-30 | 2019 | $28,120,000 | 98,364 | $286 |
| 9309 Aurora Ave. N | Seattle | WA | 2023-10-31 | 2019 | $30,000,000 | 100,500 | $299 |
| 1007 S Woodlawn Street (1018 S Highland Ave.) | Tacoma | WA | 2024-09-25 | 2021 | $19,000,000 | 69,321 | $274 |
Demographics
| 1-Mile Radius | 3-Mile Radius | 5-Mile Radius |
|
|---|---|---|---|
| POPULATION | |||
| Population 2010 | 8,198 | 44,978 | 80,062 |
| Population 2020 | 11,151 | 55,837 | 101,562 |
| Population 2023 | 11,417 | 59,253 | 108,063 |
| Population 2028 | 11,886 | 63,066 | 115,202 |
| 2000-2010 Annual Rate | 3.12% | 2.19% | 2.41% |
| 2020-2023 Annual Rate | 0.73% | 1.84% | 1.93% |
| 2023-2028 Annual Rate | 0.81% | 1.26% | 1.29% |
| HOUSEHOLDS | |||
| Households 2010 | 3,169 | 18,565 | 33,156 |
| Households 2020 | 4,320 | 22,860 | 41,969 |
| Households 2023 | 4,497 | 24,539 | 45,018 |
| Households 2028 | 4,714 | 26,359 | 48,366 |
| 2000-2010 Annual Rate | 3.15% | 2.10% | 2.39% |
| 2020-2023 Annual Rate | 1.24% | 2.20% | 2.18% |
| 2023-2028 Annual Rate | 0.95% | 1.44% | 1.45% |
| Average Household Size | 2.52 | 2.39 | 2.38 |
| % Owner Occupied Housing 2023 | 68.80% | 66.33% | 64.33% |
| % Renter Occupied Housing 2023 | 31.20% | 33.67% | 35.67% |
| INCOME | |||
| Median Household Income 2023 | $75,357 | $84,979 | $84,172 |
| Median Household Income 2028 | $87,810 | $98,011 | $95,969 |
| 2023-2028 Annual Rate | 3.11% | 2.89% | 2.66% |
| Average Household Income 2023 | $106,312 | $124,103 | $123,925 |
| Average Household Income 2028 | $125,268 | $142,999 | $142,257 |
| 2023-2028 Annual Rate | 3.34% | 2.88% | 2.80% |
| Per Capita Income 2023 | $41,607 | $51,239 | $51,539 |
| Per Capita Income 2028 | $49,359 | $59,582 | $59,619 |
| 2023-2028 Annual Rate | 3.48% | 3.06% | 2.96% |
Badger Rd. - Forecasted Projections
Project Pipeline
Deal Structure
LP Investment: Limited Partner (LP) will contribute 90% of the total equity.
GP Investment: General Partner (GP) will contribute 10% of the total equity.
Property Management Fees (Unaffiliated 3rd Party Manager): 6% of net effective rental income.
Asset Management Fee (GP): 2% of net effective rental income.
Development Fee (GP): 5% of Hard + Soft Cost.
Acquisition Fee (GP): 2% of Land Purchase Price.
Target Hold Period: 4.5 years, with a sale or recapitalization to occurat the end of the holding period.
Projected Returns: The project aims for a 25.1% levered IRR and a 2.67x levered equity multiple.
Total Capitalization: $19.9 million.
Debt Financing: $11.9 million in targeted debt to finance construction and operations, with financing terms to be finalized.