Strategic Storage Trust VI Inc., a publicly-registered real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc., has purchased two recently-constructed self-storage facilities in the Portland, Oregon metropolitan statistical area.
Strategic Storage Trust VI, which launched as a private REIT in the first quarter of 2021, has purchased approximately $124 million of self-storage facilities and land parcels to be developed into self-storage. The company’s $1.1 billion initial public offering was recently declared effective by the Securities and Exchange Commission.
“We are extremely excited to enter the Portland market with these two fantastic newly constructed properties,” said Wayne Johnson, chief investment officer. “With our tenth acquisition in the REIT, we believe we are amassing a very high-quality portfolio that we expect will create strong value for stockholders.”
Located at 4836 SE Powell Blvd, the newly constructed facility in Portland is about three miles east of downtown. Opened in June of 2020, the three-story property is composed of approximately 56,500 square feet of rental space. The facility’s 520 units are climate controlled with a blend of drive-up, first floor and elevator access units.
The Vancouver, Washington facility, which opened in February 2020, is located at 16600 SE 18th Street in the Fisher’s Landing neighborhood. It offers approximately 99,200 square feet of rental space and 1,090 units, all of which are interior climate controlled. Other amenities include a security system with alarmed doors, gated entry, and LED lighting.
Strategic Storage Trust VI oversees a portfolio of eight operating properties in the United States with approximately 5,190 units and 543,195 rentable square feet, and joint venture interests in two development properties in Toronto, Ontario, as of March 31, 2022.