SmartStop Asset Management LLC, a sponsor of non-traded REITs and other direct investment offerings, is launching a $1 billion non-traded REIT called Strategic Student & Senior Housing Trust Inc., according to a registration statement filed with the Securities and Exchange Commission.
Strategic Student & Senior Housing Trust plans to invest in student housing and senior housing properties and related real estate investments. The company will be externally managed by affiliate SSSHT Advisor LLC, and SSSHT Property Management LLC will serve as the affiliated property manager.
The primary offering will consist of three share classes: Class A, Class T and Class W shares. All investors can choose to purchase Class A shares or Class T shares in the offering, while Class W shares are only available to investors purchasing through certain fee-based programs or registered investment advisers. The minimum purchase is generally $5,000.
Class A shares are priced at $10.33 each and include a 6 percent sales commission and a 3 percent dealer manager fee paid to Select Capital Corporation.
Class T shares are priced at $10.00 each and include a 3 percent sales commission, a 3 percent dealer manager fee, and an annual 1 percent shareholder servicing fee.
Class W shares are priced at $9.40 each and include an annual 0.5 percent dealer manager servicing fee, and no sales commission or dealer manager fee.
The REIT also plans to offer $95 million in distribution reinvestment shares priced at $9.81 each for Class A shares, $9.50 each for Class T shares, and $9.40 Class W shares.
SmartStop Asset Management sponsors three non-traded REITs focused on self storage properties, including Strategic Storage Trust II Inc., Strategic Storage Growth Trust Inc., and Strategic Storage Trust IV Inc.