Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, purchased a 745-unit self storage facility in Las Vegas, Nevada. The purchase price was approximately $13.9 million, according to a filing with the Securities and Exchange Commission.
Built in 2002, the four-building Las Vegas facility sits on approximately 3.5 acres and offers climate controlled units and drive-up units. The 90,000-square-foot facility is currently 85 percent occupied.
“This facility is located in a densely populated market with excellent access,” said H. Michael Schwartz, chairman and CEO of SST II. “We look forward to providing Class A service to our tenants and customers.”
Strategic Storage Trust II focuses on purchasing stabilized self storage properties. The SST II portfolio includes approximately 40,700 self storage units and approximately 4.4 million rentable square feet of storage space. The REIT went effective in January 2014 and has raised approximately $385 million from the sale of class A shares and approximately $31.6 million from the sale of class T shares.