Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by SmartStop Asset Management, has purchased a 587-unit self-storage facility in Phoenix, Arizona for an undisclosed price. This is the second acquisition completed by the REIT.
“This recently constructed Class A self storage facility is ideally located on heavily travelled Happy Valley Road in Phoenix’s high-growth Norterra community,” said Wayne Johnson, chief investment officer. “The property benefits from advantageous access and visibility as well as its proximity to numerous national retailers.”
Strategic Storage Growth Trust II focuses on opportunistic self-storage properties.
SmartStop, a real estate company focused on self-storage, student housing and senior housing assets, has approximately $1.9 billion of real estate assets under management, including 130 self-storage facilities located throughout the United States and Toronto, Canada. The company’s real estate portfolio also includes five student housing communities and four senior housing communities.
SmartStop is the sponsor of three public non-traded REITs: Strategic Storage Trust IV Inc., and Strategic Storage Trust II Inc., and Strategic Student & Senior Housing Trust Inc. SmartStop also sponsors Section 1031 exchange offerings using the Delaware statutory trust structure.