SmartStop Asset Management LLC, sponsor of non-traded real estate investment trusts and private programs that invest in student housing, acquired Aspyre at Assembly Station, a 400-unit, 760-bed student housing community for $64.5 million. The property is within walking distance of the University of South Carolina.
“The Aspyre at Assembly Station acquisition aligns with our strategy to invest in well-located, Class A student housing communities near major universities that are purpose-built and offer best-in-class amenities,” said H. Michael Schwartz, chief executive officer of SmartStop.
Aspyre at Assembly Station is comprised of one-, two-, and three-bedroom units ranging in size from 560 square feet to 1,295 square feet. Each unit features a full-size washer and dryer, modern appliances, and a private balcony/patio.
“Due to a strong increase in enrollment at the University of South Carolina over the last decade, demand for student housing near the university has expanded significantly,” said John Strockis, senior vice president of acquisitions for SmartStop.
Community amenities at Aspyre at Assembly Station include onsite management and maintenance staff, a 24-hour fitness center, connected parking garage, card-access entries, high-speed Internet and Wi-Fi, a business center with computer lab; swimming pools, a sauna, and various outdoor recreational areas.
The property is 100 percent occupied for the 2017-2018 academic year and is within walking distance of classrooms, athletic facilities, restaurants, nightlife and entertainment amenities.
In other SmartStop news, the company recently purchased 411 Lofts, a 345-bed student housing community near the University of Michigan, for $43.8 million.
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. The company registered a $1 billion non-traded REIT called Strategic Student & Senior Housing Trust in late September 2017.
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.