Red Balloon Storage is pleased to announce the successful sale of Knoxville – Deane Hill, a newly developed, Class-A institutional-quality self-storage facility located at 6410 Deane Hill Drive in Knoxville, Tennessee. The 93,000 square foot ground-up project was sold to Extra Space Storage in September 2022, following a successful lease-up since its opening in February 2021. The project generated strong financial performance, delivering net proceeds of $8.8 million, a 67% IRR, and a 3.72x equity multiple.

Strategically located in one of Knoxville’s prime corridors with excellent visibility and access, the facility benefited from robust demographics, growing residential density, and sustained demand for high-quality storage solutions.