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 1,150-unit self-storage facility in Escondido, California, a suburb of San Diego. The purchase price was approximately $18 million, plus closing and acquisition costs, according to an SEC filing.
Constructed during 2019 and completed in 2020, the fenced and lit facility is comprised of approximately 96,500 square feet of space and is situated on roughly 1.1 acres of land. The property includes climate-controlled units, computerized keypad access, ground-level units, video surveillance and wide driveways. The location serves the communities of Escondido, Vineyard, Richland, Country Club and South Boulevard.
Strategic Storage Trust IV invests in stabilized and growth self-storage properties and owns 23 properties comprising approximately 17,000 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.