Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust, has purchased a 350-unit self-storage facility in the Seattle suburb of Redmond, Washington. The purchase price was $11.5 million, plus closing and acquisition costs.
“This facility has established itself as a convenient self storage and retail services provider for the Redmond submarket of Seattle,” said Wayne Johnson, president and chief investment officer. “The facility has an irreplaceable location. Redmond has a high quality of life, with wealthy income levels and a diverse job base. We are very pleased to add this property to our growing portfolio of self storage facilities nationwide.”
Constructed in 1997, the facility is comprised of approximately 48,000 net rentable square feet and features gated entry, drive-up units, heated units, and 24/7 video surveillance.
In other news, the company’s board recently approved an estimated per share net asset value of its Class A, Class T, and Class W common stock of $22.65, calculated as of March 31, 2019.
Strategic Storage Trust IV invests in stabilized and growth self-storage properties and owns 17 properties comprising approximately 11,500 self-storage units, as well as two parcels of land under development. The REIT’s offering was declared effective by the SEC in March 2017 and had raised $178.9 million in investor equity, as of June 14, 2019.