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Strategic Storage Growth Trust Buys California Self Storage Facility

Strategic Storage Growth Trust, Inc., a publicly registered non-traded REIT sponsored by SmartStop Asset Management, LLC, purchased a newly converted, 900-unit self storage facility in Garden Grove, California for $18.4 million.

Located at 12321 Western Ave., the approximately 3-acre property includes roughly 95,000 rentable square feet and 59 RV storage spaces. The facility opened in this month.

“This self storage facility is well located in a highly populated urban area that we believe has a consistent demand for storage space,” said H. Michael Schwartz, chairman and chief executive officer. “We couldn’t be more pleased to expand the Strategic Storage Growth Trust portfolio with this attractive acquisition.”

Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio currently consists of 16 operating self storage facilities located in seven states comprising approximately 11,000 self storage units and approximately 1.3 million net rentable square feet of storage space. The portfolio also includes three development properties. The REIT went effective in January 2015 and has raised more than $70 million in investor equity, as of the third quarter of 2016.

For more Strategic Storage Growth Trust news, please visit their directory page here.