SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, has purchased a self-storage facility in the Chicago suburb of Algonquin, Illinois for an undisclosed price.
The facility, SmartStop’s sixth location in the Chicago market, is comprised of 900 units across approximately 109,000 square feet and includes a gated drive-in loading area, security systems, keypad access, and large truck accessibility. The property serves the communities of Cary, Carpentersville, Lake in the Hills, Lake Zurich, Trout Valley and West Dundee.
“The facility is user friendly with a blend of drive-up and interior units and is surrounded by dense and affluent residential communities, with a strong pipeline of additional residential projects under construction,” said Wayne Johnson, president and chief investment officer of SmartStop.
As of February 8, 2022, SmartStop owned and managed a portfolio of 163 properties in 19 states and Ontario, Canada totaling 12.6 million rentable square feet.