Strategic Storage Trust VI Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased an approximately 665-unit self-storage facility in the Phoenix suburb of Surprise, Arizona. The purchase price was not disclosed.
Completed in 2017, the two-story facility is composed of approximately 72,800 square feet of rental space across a mix of 665 climate controlled and non-climate-controlled units. Amenities include a security system, secured and alarmed doors, gated entry, ground floor drive up units, and interior climate-controlled units with spacious elevators for second level units. The property was approximately 87 percent occupied at acquisition.
This is the REIT’s fourth acquisition and the sixth property owned or managed by Smartstop in the Phoenix market.
“Surprise is a dense, established community of Phoenix that is experiencing very strong population growth,” said Wayne Johnson, chief investment officer. “We expect this facility, which is a good representation of the latest generation of self-storage product, to perform very well in a submarket that is primarily composed of older generation facilities.”
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 Regulation D REIT is structured as a 506(b) offering and has a minimum investment of $25,000, according to the SEC filing.
SmartStop Self Storage REIT is a self-managed REIT that, through its indirect subsidiary SmartStop REIT Advisors LLC, sponsors other self-storage programs. SmartStop has approximately $1.8 billion of real estate assets under management.