Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased a newly constructed, 716-unit self-storage facility in the Phoenix suburb of Surprise, Arizona. The purchase price was $7.8 million, plus closing and acquisition costs, according to an SEC filing.
The acquisition marks the REIT’s first property in the Phoenix area and is comprised of approximately 79,000 square feet of space on 3.1 acres of land. Constructed in 2019, the facility includes climate control, drive-up access, ground-level units, overhead lighting, and wide aisles and driveways.
“Located just 45 minutes from downtown Phoenix, Surprise’s growing commercial, residential and retail sectors meet our goal of strategically providing storage solutions in areas with strong demographics and high barriers to entry,” said Wayne Johnson, chief investment officer.
Strategic Storage Trust IV invests in stabilized and growth self-storage properties and owns 22 properties comprising approximately 16,000 self-storage units, as well as four parcels of land under development. The REIT’s offering was declared effective by the SEC in March 2017 and raised $201.7 million in investor equity, as of September 30, 2019.