Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased of a 480-unit self storage facility near Galveston, Texas. The purchase price was approximately $8 million, plus closing and acquisition costs, according to a filing with the Securities and Exchange Commission.
“This well-located facility is 94.8 percent leased, offers attractive amenities and is strategically situated near Emmett F. Lowry Expressway, a major transit corridor in the area,” said H. Michael Schwartz, chairman and chief executive officer of SST IV. “The property includes a 7.3-acre parcel of land that can be potentially developed to provide added value for our investors.”
Constructed in 2010, the approximately 80,000-square-foot facility is situated on 10.49 acres of land and features climate-controlled interiors and drive-up access.
Strategic Storage Trust IV’s offering was declared effective in March 2017 and has raised a total of $24.5 million in investor equity, as of September 30, 2017, according to Summit Investment Research. The company purchased its first property in April for $5.6 million.