Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased a newly constructed, 950-unit self-storage facility in Las Vegas for an undisclosed amount.
This property represents SSGT II’s first acquisition in Las Vegas and the ninth property owned or managed by Smartstop in the Las Vegas market.
“This facility benefits from its strategic location at the intersection of Durango Drive and Russell Road as well as its proximity to State Route 215. There is significant multi-family and residential growth in the immediate trade area that will be a benefit to the property,” said Wayne Johnson, chief investment officer.
The air-cooled facility is composed of approximately 99,300 square feet of rental space, with amenities that include a security system with high definition camera surveillance, secured and alarmed doors, gated entry, LED lighting, ground floor drive up units, interior climate-controlled units with two large capacity elevators and covered exterior parking for RV/boats.
Strategic Storage Growth Trust II, which focuses on opportunistic self-storage properties, owns nine facilities comprising approximately 7,000 units and 730,000 net rentable square feet of storage space, as well as one operating property in a joint venture in the Greater Toronto Area with SmartCentres REIT, one of the largest real estate investment trusts in Canada.