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SmartStop Buys Student Housing Community Near University of Michigan Campus

SmartStop Asset Management LLC has purchased 411 Lofts, a 90-unit, 345-bed student housing community located three blocks from the University of Michigan in Ann Arbor for $43.8 million.

SmartStop Asset Management LLC, a sponsor of non-traded real estate investment trusts and private programs that invest in student housing, has purchased 411 Lofts, a 90-unit, 345-bed student housing community located three blocks from the University of Michigan in Ann Arbor for $43.8 million.

“We are very pleased to complete the acquisition of this Class A, institutional-quality student housing property located near one of the largest and most prestigious research universities in the country,” said H. Michael Schwartz, chief executive officer of SmartStop. “The property is a best-in-class, purpose-built community with excellent amenities and floor plans that SmartStop seeks when acquiring student housing.”

A 10-story building, 411 Lofts is comprised of fully furnished one-, two-, three- and four-bedroom units ranging in size from 400 square feet to 1,187 square feet. The property features security controlled access to units and bedrooms and underground parking.

Additional amenities include a 24-hour fitness facility; 10th floor resident sky lounge; a computer center with iMacs, PCs and printers; study rooms; free common area washers and dryers; 500 Mbps Internet bandwidth with Wi-Fi hot spots; onsite restaurants; and a tanning room.

411 Lofts is currently 98 percent occupied for the 2017 – 2018 academic year and is 53 percent pre-leased for the 2018 – 2019 academic year. The community will be professionally managed by Asset Campus Housing, a third-party student housing managers.

SmartStop is a real estate company focused on self storage assets, along with student and senior housing. The company has approximately $1.3 billion of real estate assets under management, including 109 self storage facilities located throughout the United States and Toronto, Canada, and four student housing communities.

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.