Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management, has purchased a 460-unit self storage facility located in Riverside, California. According to a filing with the Securities and Exchange Commission, the purchase price was approximately $6.9 million, plus closing and acquisition costs.
“We believe the property will be an exceptional addition to the rapidly growing portfolio of Strategic Storage Trust IV,” said Wayne Johnson, chief investment officer. “Located just two blocks south of the 91 Freeway, this asset is on a major artery serving the City of Riverside and should benefit operationally by being in proximity to other SmartStop managed facilities in the area.”
The facility has approximately 55,000 rentable square feet and is situated on nearly 2.3 acres of land.
As previously reported by The DI Wire, the company surpassed $50 million in subscriptions last month and can now accept Pennsylvania investors.
Strategic Storage Trust IV primarily invests in self storage assets consisting of both income-producing and growth properties located in the United States and Canada. The REIT oversees a portfolio of three properties with approximately 1,540 self storage units.