Strategic Storage Trust VI Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased a newly constructed 650-unit self-storage facility in Phoenix, Arizona. This is the fifth acquisition in the newly formed REIT and its third property in the Phoenix market.
Located at 4730 E. Baseline Road, the newly constructed facility is composed of approximately 68,500 square feet of rental space and serves the areas of Knoell Gardens, South Mountain, Ahwatukee, and South Tempe.
The facility’s amenities include a security system with high-definition camera surveillance, secured and alarmed doors, gated entry, LED lighting, ground floor drive up units, and interior climate-controlled units with elevators for upper-level units.
“The facility is located directly across the street from one of our existing stores, which has performed exceptionally well,” said Wayne Johnson, chief investment officer. “We are extremely pleased to add this high quality property to our portfolio at [Strategic Storage Trust VI] and expand our presence both in Phoenix and this high growth submarket.”
Strategic Storage Trust VI’s primary investment strategy is to invest in self-storage facilities and related self-storage real estate investments in the Unites States and Canada. The 506(b) Regulation D REIT launched in February 2021, seeks to raise up to $200 million, and has a minimum investment of $25,000, according to an SEC filing. As of September 8, 2021, the REIT had sold approximately $27.6 million in shares in our private offering.
Its affiliated sponsor, SmartStop, is a self-managed REIT with a portfolio of 160 properties in 19 states and Ontario, Canada and comprising approximately 109,000 units and 12.3 million rentable square feet.