Strategic Storage Trust II Reaches $50 Million Equity Mark

Strategic Storage Trust II, Inc., a publicly registered non-traded real estate investment trust that focuses on stabilized self storage properties, has raised more than $50 million in capital from investors and is now accepting investments from Pennsylvania residents.

While most states require a relatively small amount of investor funds be held in escrow (e.g., $1.5 million), Pennsylvania has a formulaic escrow requirement based on the maximum offering amount, which resulted in a $50 million escrow for SST II. For this reason, the company has not allowed investments by Pennsylvania residents in this offering until now.

“We are pleased to have reached the $50 million equity mark so that interested investors from Pennsylvania can now participate,” said SST II chairman and chief executive officer H. Michael Schwartz. “Self storage is a resilient and stable real estate asset class, and we are glad that we can now bring our offering to potential investors in Pennsylvania.”

Strategic Storage Trust II owns 31 self storage properties located in nine states and intends to invest primarily in these facilities. As of June 30, 2015, the company had issued approximately 3.5 million shares of common stock for gross proceeds of approximately $34.5 million.