SmartStop Fully Subscribes $59.2 Million Student Housing DST Offering

Strategic 1031 Properties LLC, an affiliate of SmartStop Asset Management, has completed its equity raise for the Power 5 Conference Student Housing I DST.

Strategic 1031 Properties LLC, an affiliate of SmartStop Asset Management that sponsors section 1031 exchange offerings, has completed its equity raise for the Power 5 Conference Student Housing I DST. The Delaware statutory trust offering raised a total of $59.2 million from approximately 170 investors.

Power 5 Conference Student Housing I, DST is comprised of two student housing properties. These include YOUnion @ Columbia (formerly known as Aspyre at Assembly Station), a 400-unit, 760-bed student housing community located near the University of South Carolina, and YOUnion @ Ann Arbor (formerly known as 411 Lofts), a 97-unit, 345-bed student housing community located near the University of Michigan in Ann Arbor.

“Purpose-built, pedestrian-to-campus student housing at Tier I Universities has proven to be an attractive investment class for 1031 exchange investors due to its recession-resistant characteristics, consistent cash flows, and rising demand driven by steady enrollment increases at major universities with outdated on-campus dormitories,” said John Strockis, chief investment officer.

YOUnion @ Columbia is comprised of furnished one-, two-, and three-bedroom units ranging in size from 560 square feet to 1,295 square feet. Community amenities include onsite management and maintenance staff, 24-hour fitness center, connected parking garage, card-access entries, high-speed Internet and Wi-Fi, five courtyards, a business center with computer lab, pools, a sauna, and various outdoor recreational areas.

YOUnion @ Ann Arbor is a 10-story building comprised of furnished one-, two-, three- and four-bedroom units ranging in size from 400 square feet to 1,135 square feet. Community amenities include security-controlled access to units and bedrooms, underground parking, a 24-hour fitness facility, sky lounge, computer center and study rooms, free common area washers and dryers, and onsite restaurants and a tanning room.

SmartStop is a diversified real estate company focused on self storage, student housing and senior housing assets. The company has approximately $1.6 billion of real estate assets under management, including 118 self storage facilities located throughout the United States and Toronto, Canada, five student housing communities, and four senior housing communities.

SmartStop sponsors four public non-traded REITs: Strategic Storage Trust IV Inc., Strategic Storage Trust II Inc., Strategic Storage Growth Trust Inc., and Strategic Student & Senior Housing Trust Inc. The company also sponsors section 1031 exchange offerings using the Delaware statutory trust structure.

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