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Strategic Storage Trust II Buys 11 Self Storage Facilities in North Carolina

Strategic Storage Trust II, a publicly registered non–traded REIT sponsored by SmartStop Asset Management, purchased 11 self storage facilities in North Carolina totaling approximately 4,850 units, 76 buildings and approximately 553,500 rentable square feet. According to a filing with the Securities and Exchange Commission, the total purchase price of the portfolio was $93 million.

“Collectively, these 11 properties have averaged an overall occupancy of 95 percent during 2016 and require little capital expenditure,” said H. Michael Schwartz, chairman and CEO of SST II. “The dynamics of this portfolio are a great balance to our existing self storage facilities located throughout the U.S. and Canada.”

All 11 self storage facilities are located in the Asheville Metropolitan Statistical Area and features grade level drive-up units, climate controlled units and RV units.

“Asheville will provide a captive market for us. Many of the properties have expansion land that we plan on getting underway immediately,” said Wayne Johnson, CIO for SST II.

Details of the 11 self storage facilities in the portfolio are as follows:

• 1130 Sweeten Creek Rd, Asheville: 790 units, 103,200 square feet.

• 3909 Sweeten Creek Rd, Arden: 570 units, 67,500 square feet.

• 40 Wilmington St., Asheville: 480 units, 54,700 square feet.

• 90 Highland Center Blvd, Asheville: 450 units, 51,600 square feet.

• 600 Patton Ave., Asheville: 420 units, 51,000 square feet.

• 102 Glover St., Hendersonville: 490 units, 47,600 square feet.

• 21 Sardis Rd., Asheville: 380 units, 44,600 square feet.

• 127 Sweeten Creek Rd., Asheville: 330 units, 39,500 square feet.

• 550 Swannanoa River Rd., Asheville: 380 units, 36,000 square feet.

• 1931 Spartanburg Hwy., Hendersonville: 350 units, 32,500 square feet.

• 2594 Sweeten Creek Rd., Asheville: 210 units, 25,300 square feet.

Strategic Storage Trust II focuses on investing in stabilized self storage properties, and owns a portfolio of approximately 47,120 self storage units and approximately 5.4 million rentable square feet of storage space. As of January 3, 2017, SSTII had raised approximately $549 million in investor equity.

For more Strategic Storage Trust II news, please visit their directory page here.