SmartStop Affiliate Completes Student Housing DST Offering

Strategic 1031 Properties, LLC, an affiliate of SmartStop Asset Management, announced that its Delaware Statutory Trust offering, Reno Student Housing DST, has been fully subscribed by investors. The offering raised a total of $42.9 million of equity.

Reno Student Housing, DST is comprised of The Summit, a 186-unit, 709-bed student housing community located one block from the University of Nevada, Reno. The Summit is a seven-building, Silver LEED certified student housing community located at 2780 Enterprise Road. The property is currently 97 percent leased.

“Student housing is a needs-based real estate sector that has proven to be recession resistant,” said H. Michael Schwartz, founder, chairman and chief executive officer of SmartStop Asset Management. “We are very pleased to announce the completion of this DST offering. The Summit is a newly constructed, student housing community that is purpose-built and amenities-rich, as well as adjacent to one of Nevada’s largest universities.”

The Summit’s 186 furnished units are comprised of two-, three-, four- and five-bedroom floor plans, and community amenities include gated access, private study rooms, a two-story clubhouse with a fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, and covered bike storage areas. Incorporated throughout the property is a fiber optic cable with broadband speeds of one gigabit per second.

SmartStop focuses on self storage assets, along with student and senior housing. The company has more than $1.3 billion of real estate assets under management, including 108 self storage facilities located throughout the United States and Toronto and three student housing facilities. SmartStop is the sponsor of Strategic Storage Trust II Inc., Strategic Storage Growth Trust Inc. and Strategic Storage Trust IV, Inc., all public non-traded REITs focusing on self storage assets.

For more SmartStop news, please visit their directory page here.