Strategic Storage Trust VI Inc., a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., announced two acquisitions of self-storage facilities in Toronto, Ontario, Canada.
The REIT’s first acquisition of a Canadian facility outside Ontario is a 50,000-square-foot self-storage property in Edmonton, Alberta, with approximately 490 units.
Located at 10820 119th Street NW, the property was converted from a warehouse to self-storage between 2021-2022. It features more than 460 interior climate-controlled units and serves the North Glenora, Inglewood, Prince Rupert, Central McDougall and Westmount neighborhoods.
“Expansion is one of [Strategic Storage Trust] VI’s keys to growth, and Edmonton presents a new frontier for our portfolio to flourish,” said H. Michael Schwartz, chief executive officer and president of SST VI. “We are excited to bring our proven success in the Greater Toronto Area to this dynamic market and be a part of Edmonton’s thriving business community.”
The second acquisition is a 104,750-square-foot facility that 1,020 interior climate-controlled units and 275 parking spaces on nearly five acres of land.
Located at 1450 Don Mills Road, the property was converted from an office building to self-storage in 2020. It is accessible from the Don Valley Parkway and Highway 401 and serves the York Mills, Don Mills and Parkwoods neighborhoods. There are more than a dozen new residential developments in construction or planning within two miles of the property.
“The area’s favorable demand dynamics, including high population growth, density and household income, are expected to provide a strong customer base and stable revenue stream for the long term,” said Schwartz. “This acquisition significantly increases our presence in Toronto and strengthens our position in the market.”
As of Dec. 30, 2022, Strategic Storage Trust VI Inc. oversees a portfolio of 13 operating properties in the United States comprising of approximately 8,660 units and 1 million rentable square feet, as well as joint venture interests in two development properties in Toronto, Ontario.
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