Strategic Storage Growth Trust Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, purchased an 850-unit self storage portfolio in Asheville, North Carolina for $10.25 million.
The two-property portfolio includes a 370-unit self storage facility with drive-up entrances, interior climate control, a gated fence and surveillance cameras; and a 480-unit self storage facility with drive-up entrances, a gated fence and surveillance cameras. The two properties offer a combined 115,000 rentable square feet of space, including 40 RV/boat spaces.
“These facilities are located in a growing community with excellent demographics, including college students, retirees and apartment renters, all of which represent good demographic groups for self storage,” said H. Michael Schwartz, chairman and chief executive officer. “We are pleased to add these facilities to our growing portfolio, which now includes 21 properties in eight states and Toronto, Canada.”
Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The company’s portfolio currently consists of 18 operating self storage facilities located in eight states and includes three development properties. The REIT went effective in January 2015 and has raised more than $237 million in investor equity, according to Summit Investment Research.