Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT Inc., has purchased a newly constructed approximately 735-unit self-storage facility in Toronto, Canada. The company declined to provide the purchase price.
The acquisition was a 50/50 joint venture with SmartCentres REIT, one of Canada’s largest real estate investment trusts with total assets of approximately $9.7 billion.
The six-story facility is located three miles from downtown Toronto and comprises approximately 47,000 net rentable square feet of self-storage units. Completed in early 2019, the property amenities include climate-controlled units, elevator access, drive-in loading area, and video surveillance.
“We anticipate significant revenue growth that will be accretive to Strategic Storage Growth Trust II, from both the completion of lease-up and our revenue management platform. We are excited to acquire this property in partnership with our Canadian development partner SmartCentres REIT, and we will continue to be heavily focused on acquiring and developing high-quality assets in the Toronto core as well as throughout the entire Toronto region,” said H. Michael Schwartz, founder and executive chairman.
Strategic Storage Growth Trust II focuses on opportunistic self-storage properties.
SmartStop Self Storage REIT is a self-managed REIT, and through its indirect subsidiary SmartStop REIT Advisors, sponsors other self-storage programs including Strategic Storage Trust IV, a public non-traded REIT, and other private programs. SmartStop has approximately $1.4 billion of real estate assets under management.