SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, has purchased a self-storage facility in Riverside, California, the most populous city in Southern California’s Inland Empire. The acquisition is the REIT’s third property in the submarket.
According to a filing with the Securities and Exchange Commission, the REIT recently agreed to purchase a self-storage facility in Riverside for approximately $10.7 million, plus closing costs.
The facility is located at 6637 Van Buren Boulevard next to Riverside Municipal Airport and serves the communities of La Sierra, Corona, Eastvale, Ramona, and Jurupa Valley. The 69,800-square-foot property includes 379 units, 71 RV parking spaces, a gated drive-in loading area, security systems, keypad access and large truck accessibility.
“This is a tremendous asset in an undersupplied submarket with a dense and fast-growing population…,” said Wayne Johnson, president and chief investment officer of SmartStop. “With an RV parking component, this new facility offers customers a complementary product type from our two neighboring SmartStop facilities, which we expect to provide sizable operating synergies.”
SmartStop Self Storage REIT is a self-managed REIT that, through its indirect subsidiary SmartStop REIT Advisors LLC, sponsors other self-storage programs. SmartStop has approximately $1.7 billion of real estate assets under management.