SmartStop’s New Reg D REIT Launches and Buys Land for Toronto Self-Storage Development
Strategic Storage Trust VI Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., recently launched its private placement offering.
Strategic Storage Trust VI Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., recently launched its private placement offering to raise up to $220 million from accredited investors, according to a public document filed with the Securities and Exchange Commission.
Strategic Storage Trust VI’s primary investment strategy is to invest in self-storage facilities and related self-storage real estate investments in the Unites States and Canada. The Regulation D REIT is structured as a 506(b) offering and has a minimum investment of $25,000, according to the SEC filing.
Yesterday, the REIT announced its purchase of approximately 2.7 acres of land in the Weston neighborhood of Toronto, Ontario, Canada in a joint venture partnership with SmartCentres (TSX: SRU.UN), a REIT with approximately $10.7 billion in assets that’s traded on the Toronto stock exchange.
The land will serve as the development site for an approximately 1,200-unit, six-story self-storage facility. The planned facility is expected to encompass nearly 99,000 net rentable square feet of climate-controlled self-storage with a mix of drive-up and interior units.
This is the eighth development project that SmartStop and its affiliates have conducted in partnership with SmartCentres in the Greater Toronto Area.
Strategic Storage Trust VI purchased its first property in mid-March, an approximately 810-unit self storage facility in Phoenix, Arizona. The property was completed in May 2020 and was approximately 44 percent occupied at the time of acquisition. The climate controlled facility is composed of approximately 84,200 square feet of rental space, camera surveillance, gated entry, ground floor drive up units, and interior units with elevators for the upper level units.
Last month, SmartStop REIT Advisors LLC selected Pacific Oak Capital Markets LLC to serve as the dealer manager for potential investment offerings the firm may sponsor.
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.
