Non-traded self storage real estate investment trust (REIT) Strategic Storage Trust II, Inc. (SST II) recently closed on three properties for $11.9 million. All three storage facilities are located within 28 miles of Detroit.
“These assets are ideally located within the Detroit metropolitan region, which holds roughly one-half of Michigan’s population,” commented H. Michael Schwartz, chairman and CEO of SST II. “The three facilities will complement our growing self storage portfolio.”
In total, the properties contain about 1,720 units with close to 197,400 net rentable square feet. All three will be re-branded under the SmartStop® Self Storage trade name.
For details on the properties, see the chart below:
The REIT plans to enhance the properties in order to increase returns.
“We look forward to implementing our capital expenditures program at these locations and improving the general quality of the facilities,” said Wayne Johnson, senior vice president of acquisitions for SST II. “This should result in better performance at all the locations.”
SST II’s portfolio consists of about 16,060 self storage units and 1.8 million rentable square feet of storage space.