Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, has purchased a 695-unit self storage facility in the Tampa suburb of Riverview, Florida. The purchase price was not disclosed.
“A focus of Strategic Storage Growth Trust is to acquire self storage properties that have the opportunity to add value to our portfolio through active management,” said Wayne Johnson, chief investment officer. “This newly constructed, Class A property is located in an area with growing demand for self storage and provides an amenities package that we believe will be particularly attractive to our customers.”
The 3.4-acre property includes approximately 54,000 square feet of space, including more than 28,000 square feet of climate-controlled space. The multistory facility is monitored by video surveillance and includes a computerized gate or lobby access to units, as well as keypad entry to individual units.
Earlier this month, the REIT purchased an 870-unit self storage facility in the Miami suburb of Pembroke Pines, Florida for approximately $15.7 million.
Strategic Storage Growth Trust is sponsored by Smartstop Asset Management and focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio consists of 23 operating self storage facilities and three development properties. The offering launched in January 2015 and raised more than $279 million in investor equity before closing in March 2017.