SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, has purchased a 769-unit self-storage facility in the Denver suburb of Lakewood, Colorado for an undisclosed price.
The 87,000-square-foot property includes a gated drive-in loading area, security systems, keypad access and large truck accessibility and serves the communities of Green Mountain, Foothills, Briarwood Hills, West Lochwood, Chateau Ridge Estates and East Pleasant View.
“This is a fantastic asset in the undersupplied Lakewood submarket in the Denver Metropolitan Area,” said Wayne Johnson, president and chief investment officer. “The facility is user friendly with a blend of drive-up and interior units, has great visibility from the highly traveled West Alameda Parkway and is surrounded by dense and affluent residential communities, with additional residential projects under construction.”
This is the REIT’s seventh owned or managed location in the Denver market and 158th in North America.
In other company news, SmartStop recently declared an estimated net asset value per share of $15.08 for its Class A and Class T shares, as of June 30, 2021.
SmartStop has approximately $1.8 billion of real estate assets under management, including an owned and managed portfolio of 158 properties in 19 states and Ontario, Canada and comprising approximately 107,000 units and 12.2 million rentable square feet.