Strategic Storage Trust II Buys Sonoma Self Storage Facility for $6.9 Million
Strategic Storage Trust II Inc., a publicly registered non-traded real estate investment trust, purchased a self storage facility located in downtown Sonoma for $6.9 million, according to a recent filing with the Securities and Exchange Commission.
Built in 1984, the 340-unit Sonoma facility totals approximately 37,800 rentable square feet and sits on nearly 2 acres of land. The property, which is approximately 95 percent occupied, offers drive-up and RV units.
“The Sonoma self storage acquisition gives us the best location in a market that is over 96 percent occupied,” said H. Michael Schwartz, chairman and chief executive officer of SST II. “Though the property is highly occupied we believe there is significant trapped value to be unlocked through a revenue management program, operating efficiencies and capital improvements.”
Strategic Storage Trust II focuses on purchasing stabilized self storage properties, and oversees a portfolio that includes approximately 40,000 self storage units and 4.3 million rentable square feet of storage space. The REIT went effective in January 2014 and has raised $402.9 million since inception.
