Strategic Student & Senior Housing Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, has amended its advisory agreement with SSSHT Advisor LLC.
The company disclosed that it will eliminate acquisition fees and increase the asset management fees payable to its advisor, from an annual rate of 0.625 percent to 0.8 percent of its average invested assets. The advisor previously received acquisition fees of 1.75 percent of the contract purchase price of each property acquired by the REIT.
In other company news, Strategic Student & Senior Housing Trust Inc., recently purchased Courtyard at Mt. Tabor, a 286-unit senior housing community located in Portland, Oregon for $92 million, as reported by The DI Wire last week.
Strategic Student & Senior Housing Trust, which invests in income-producing student housing and senior housing real estate assets, owns a portfolio of four senior housing communities and two student housing communities purchased for approximately $275 million. The company raised approximately $91.9 million from its private offering which ended in March 2018, and its public offering was declared effective in May 2018.