Strategic Storage Trust II, Inc. (SSTI II), a public non-traded REIT, recently acquired five self-storage properties through its first portfolio transaction. Consisting of properties located in North and South Carolina, the portfolio is comprised of 354,200 net square feet and has an 88.8% occupancy rate.
The 2,490 unit portfolio was purchased for approximately $22.1 million and will be re-branded under the name of self-storage company, SmartStop® Self Storage. In addition, the properties feature ground level drive-up and climate control units.
“These assets are an ideal fit for our first five acquisitions with SSTI II,” said H. Michael Schwartz, chairman and CEO of SSTI II. “The self storage sector’s strong performance in these markets continues to drive our decision to keep acquiring facilities in the Carolinas,” he added.
The North Carolina properties in the portfolio consist of 150 Airport Blvd., Mooresville, 120 Centrewest Ct., Cary, and 5012 New Bern Ave., Raleigh. Additionally, the South Carolina properties include 338 Jesse St., Myrtle Beach and 4639 Dick Pond Rd., Myrtle Beach.
The acquisition adds to SSTI II’s Myrtle Beach portfolio, which currently features another self-storage facility within 8 miles away.
“These acquisitions allow us to expand into the Raleigh and Myrtle Beach markets with well located, performing facilities and provides a solid management base to acquire additional locations,” said Wayne Johnson, senior vice president of acquisitions for SSTI II. “In addition, several properties have expansion opportunities, which would capitalize on the portfolio’s strong physical occupancy,” he added.