Strategic Storage Trust VI Buys Two Recently Constructed Properties in Florida
Strategic Storage Trust VI Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, has purchased two recently constructed self-storage facilities in Florida.
Strategic Storage Trust VI Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, has purchased two recently constructed self-storage facilities in Bradenton, Florida and Apopka, Florida. These represent the REIT’s seventh and eighth acquisitions.
Since Strategic Storage Trust VI launched in the first quarter of 2021, the fund has purchased approximately $85 million of self-storage facilities and land parcels to be developed into self-storage.
“We are extremely pleased to add these superb properties to our portfolio…and expand [Strategic Storage Trust VI’s] footprint into the state of Florida,” said Wayne Johnson, chief investment officer. “We are quickly amassing a very high-quality portfolio that we expect will create strong value and generate strong cash flows for stockholders.”
Located at 2200 Coral Hills Road, the newly constructed facility in Apopka, a suburb of Orlando, is composed of approximately 44,300 square feet of rental space across three single-story buildings. This location serves the areas of Paradise Heights, South Apopka, Hiawassee, Forest City, Ocoee and Pine Hills. The facility has a blend of units offered including interior climate controlled, climate controlled drive-up, non-climate controlled drive-up, and RV/boat spaces. Further, it is the only storage facility offering climate controlled drive-up units in the sub-market, the company said. Management plans to add an additional 28,250 rentable square feet with the construction of an additional single-story building.
The Bradenton facility, which opened in October 2020, is located at 6424 14th Street West. It offers approximately 64,400 square feet of rental space, all of which is climate controlled. This location serves the areas of Bayshore Gardens, South Bradenton, West Samoset, Whitfield and North Sarasota. The facility has amenities including a security system with high-definition camera surveillance, secured and alarmed doors, gated entry, LED lighting, climate-controlled drive up units and interior climate-controlled units.
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 December 30, 2021, the REIT has a portfolio of six operating properties in the United States comprising approximately 3,600 units and 385,000 rentable square feet and two land parcels in Ontario, Canada on which it intends to develop self-storage facilities.
Its affiliated sponsor, SmartStop, is a self-managed REIT with a portfolio of 162 properties in 19 states and Ontario, Canada and comprising approximately 109,000 units and 12.4 million rentable square feet.
