SmartStop Asset Management LLC, a sponsor of non-traded real estate investment trusts, announced that the portfolio of student housing communities owned by its affiliates has reached an occupancy rate of 98.4 percent for the 2020 – 2021 academic year.
The YOUnion portfolio consists of five student housing communities with approximately 2,800 beds and 1.1 million square feet of space, including YOUnion@Reno, YOUnion@Ann Arbor, YOUnion@Tallahassee, YOUnion@Fayetteville, and YOUnion@Columbia. Each of these communities is located within walking distance of a Tier 1, Research I university with NCAA Division I athletic programs.
“Given the uncertainties of the COVID-19 pandemic and hybrid instruction modes offered by our universities, we believe students prefer living in well-managed, purpose-built and pedestrian-to-campus apartment communities that best support their well-being and academic goals,” said John Strockis, chief investment officer.
SmartStop Asset Management is a real estate company focused on student housing and senior housing. The company and its affiliates have a managed portfolio that includes approximately $2 billion of assets.