Strategic Storage Trust II Buys Alabama Self Storage Facility for $8 Million

Strategic Storage Trust II, Inc., a publicly registered non-traded real estate investment trust that focuses on stabilized self storage properties, recently purchased a self storage facility for approximately $8 million in Foley, Alabama. The seller’s name was not disclosed. 

Built in 1985 and upgraded/expanded in 1996 and 2006, the Alabama facility consists of approximately 1,050 units across 142,000 rentable square feet. The property, which also includes 78 boat/RV spaces, is approximately 91 percent occupied and provides easy access with grade level drive-up and climate controlled units.

“Our number one goal for this 23-building, 10-acre site is to complete capital improvements, including new roofs and drive areas, which will bring the facility to a new level,” said Wayne Johnson, chief investment officer for SST II. “We will also focus on customer service, efficient management and local marketing, which will improve operational performance.”

Just yesterday, The DI Wire reported that the company raised more than $50 million in capital from investors and is now accepting investments from Pennsylvania residents.

Strategic Storage Trust II owns 32 self storage properties located in nine states and intends to invest primarily in these facilities. As of June 30, 2015, the company had issued approximately 3.5 million shares of common stock for gross proceeds of approximately $34.5 million.