Strategic Storage Growth Trust III Completes First Acquisition
Strategic Storage Growth Trust III Inc., a Regulation D private placement fund that intends to qualify as a real estate investment trust, has purchased The Wildwood-Lady Lake portfolio.
Strategic Storage Growth Trust III Inc., a Regulation D private placement fund that intends to qualify as a real estate investment trust, has purchased The Wildwood-Lady Lake portfolio, comprised of two self-storage facilities in The Villages, Florida metropolitan statistical area.
The Wildwood-Lady Lake portfolio represents the fund’s first acquisition since launching its $250 million offering in May 2022.
“We are extremely excited to enter The Villages market with the Lady Lake and Wildwood facilities,” said Wayne Johnson, chief investment officer. “This portfolio offers a solid opportunity to enter a high-growth market in central Florida, and we expect that the addition of institutional management and marketing to these properties will have a positive impact for stockholders.”
Located at 175 Rolling Acres Road, the Lady Lake facility consists of nine single-story buildings with approximately 90,000 square feet of rentable space and 750 units with a mix of interior climate-controlled units, climate-controlled and non-climate-controlled drive-up units, and more than 120 RV and boat spaces. This location serves the areas of Lady Lake South, Orange Blossom Hills South, The Villages, Weirsdale, and Cherry Lake.
The Wildwood facility opened in December 2018 and has approximately 97,400 square feet of rental space and 1,010 units with a mix of climate-controlled interior and non-climate-controlled exterior units. This location services the areas of The Villages, Leesburg, Oxford, Leyton Villas, and Village of Collier. The area is expecting 36 percent population growth during the next four years, the company said.
Strategic Storage Growth Trust III, sponsored by an affiliate of SmartStop Self Storage REIT, primarily invests in growth-oriented self-storage facilities and related investments in the United States and Canada. As of August 9, 2022, the fund has a portfolio of two operating properties in the United States comprising approximately 1,880 units and 187,400 rentable square feet.
SmartStop Self Storage REIT is a self-managed REIT that oversees a portfolio of 174 properties in 22 states and Ontario, Canada, comprising approximately 119,200 units and 13.5 million rentable square feet.
