Strategic Storage Trust IV Inc., a publicly registered non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has purchased an approximately 700-unit self storage facility in downtown Naples, Florida for approximately $27.3 million, plus closing and acquisition costs.
“This facility is strategically located close to the heart of downtown Naples adjacent to several newly opened and under-construction condominium projects,” said Wayne Johnson, chief investment officer. “We believe this will continue to enhance demand for the facility and generate greater value for our investors.”
Constructed in 2001, the facility is comprised of approximately 77,900 net rentable square feet and was approximately 97.5 percent leased at the time of acquisition. It includes climate-controlled drive-up units, remote-control access, high-tech security, two elevators and wine and automobile storage options.
Strategic Storage Trust IV primarily invests in self storage properties located in the United States and Canada and currently owns seven properties. The offering was declared effective by the SEC in March 2017 and has raised $72.2 million in investor equity as of June 13, 2018.