Strategic Storage Growth Trust Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased a newly constructed, 569-unit self storage facility in Las Vegas. The purchase price was approximately $9.2 million, plus closing costs and acquisition fees.
“This facility is located adjacent to the Bruce Woodbury Beltway in NW Las Vegas and next to a newly built grocery-anchored retail center,” said Wayne Johnson, chief investment officer. “The property is one of our certificate of occupancy transactions we have underway and we believe is well suited for our portfolio.”
Located on two acres of land, the property is comprised of approximately 73,000 square feet, and includes computerized gate and lobby access, drive-up and air-cooled units, elevators, fencing, LED lighting, tenant insurance, video surveillance and wide driveways.
In other news, Strategic Storage Growth Trust recently entered into a definitive merger agreement with another SmartStop non-traded REIT, Strategic Storage Trust II, where Strategic Storage Growth will merge with and into a subsidiary of Strategic Storage Trust II. If approved by shareholders, the merger is expected to close during the first quarter of 2019.
Strategic Storage Growth Trust focuses on the acquisition, development, redevelopment, and lease-up of self storage properties. The company’s portfolio currently consists of 28 operating self storage facilities and one development property. The offering launched in January 2015 and raised more than $281 million in investor equity before closing in March 2017, according to Summit Investment Research.
SmartStop sponsors four public non-traded REITs: Strategic Storage Trust IV Inc., Strategic Storage Trust II Inc., and Strategic Storage Growth Trust Inc., all focused on self storage assets, and Strategic Student & Senior Housing Trust Inc., focused on student and senior housing assets. SmartStop is also a national sponsor of Section 1031 exchange offerings using the Delaware statutory trust structure.