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DXD Capital
DXD Capital applies proprietary data science to self-storage development across the Sun Belt, closing over 30 deals since its 2020 founding.
DXD Capital
DXD Capital launched in 2020, founded by Drew Dolan and Cory Bannister with a thesis that self-storage — an asset class still dominated by local operators — was overdue for institutional capital and software-driven site selection. Both principals brought relevant experience: Dolan had spent years acquiring and operating self-storage facilities, while Bannister came from a technology and venture background, shaping a firm that treats real estate as a data problem. The firm raises discretionary equity for indicated self-storage development or acquisition opportunities, generally targeting ground-up construction in markets with favorable supply-demand dynamics identified by its proprietary analytics engine. The strategy spans site identification, entitlement, construction management, and stabilization, with exits through portfolio sales to larger institutional buyers. DXD's geographic focus runs through the Sun Belt and Mountain West, with confirmed activity in New Mexico, Arizona, Texas, Colorado, and North Carolina. In May 2022, the firm acquired a development site in Mesa, Arizona, aiming to deliver over 90,000 rentable square feet, marking a step into one of the country's fastest-growing metro areas. DXD operates with a lean structure — exact headcount is not publicly disclosed — and its principals retain a material co-investment commitment alongside LPs. While the firm is not a licensed broker-dealer, it generally structures each project as a standalone special-purpose vehicle, allowing discrete capital raises per deal rather than operating as a blind-pool fund. This architecture gives limited partners line-of-sight into individual asset economics and allows the firm to scale deployment volume without committing to a single vintage's timing. DXD's structural differentiator is its refusal to outsource the demand-side analytics that most developers buy from third-party feasibility consultants. By building the data-science capability in-house, the firm can underwrite new markets faster than traditional operators and avoid the adverse selection that comes when everyone uses the same third-party reports. There is no disclosed second-generation leadership plan; governance currently rests with the two founders, who appear to jointly manage investment decisions.
General information
Firm type
Asset Manager
Year founded
2020
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Albuquerque
Corporate office
Albuquerque, NM, United States
Principals
Drew Dolan
Managing Principal
Cory Bannister
Managing Principal
Sector focus
Frequently asked questions
How does DXD Capital identify development sites differently from other self-storage developers?
The firm built an in-house data analytics platform that evaluates parcel-level supply-demand dynamics rather than relying on third-party feasibility reports. This vertical integration of software and real estate development is intended to surface micro-market opportunities before they appear on a broker's desk. DXD points to this proprietary tooling as its core competitive advantage in a sector where most operators use the same off-the-shelf demographic data.
What is DXD Capital's investment structure — does it run a blind-pool fund or raise capital per deal?
DXD raises equity on a deal-by-deal basis through individual special-purpose vehicles. Each project is capitalized separately, giving limited partners direct exposure to a specific development or acquisition rather than a blind-pool commitment. The principals co-invest in each deal alongside outside investors.
Who makes investment decisions at DXD Capital?
Managing Principals Drew Dolan and Cory Bannister jointly oversee investment decisions. Dolan provides the operating and acquisitions expertise from his background in self-storage ownership, while Bannister leads on technology and data integration. Day-to-day underwriting and asset management functions sit with the broader team, but deal approval rests with the two founders.
How does DXD Capital plan its exit strategy for self-storage developments?
The firm typically targets a sale of the stabilized asset to a larger institutional buyer — such as a public REIT or private infrastructure fund — once the property reaches occupancy targets. DXD does not position itself as a long-term operator; its model is develop, stabilize, and exit. No specific hold-period mandate is publicly stated, but self-storage lease-up generally takes 24 to 36 months post-construction.
What geographies does DXD Capital target for development?
DXD focuses on Sun Belt and Mountain West markets with strong population growth and limited new self-storage supply. Confirmed target states include Arizona, New Mexico, Texas, Colorado, and North Carolina. The firm's analytics engine identifies submarkets within those regions where demographic trends suggest sustained demand.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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