Strategic Storage Growth Trust II Completes Acquisition
June 21, 2019 | Luke Schmidt | Blue Vault
On June 21, 2019, Strategic Storage Growth Trust II, Inc. (“SSGT II”), a private real estate investment trust sponsored by SmartStop Asset Management, LLC (“SmartStop”), announced its acquisition of a 637-unit self-storage facility in Houston, TX. This is the third acquisition completed by the Company. SSGT II is a Maryland corporation that intends to qualify as a real estate investment trust for federal tax purposes. The Company focuses primarily on opportunistic self-storage properties.
“This storage facility is located in an area with a high population of tenants coming from multi-family developments and in close proximity to community retail centers,” said Wayne Johnson, chief investment officer. “The property has a very tenant-friendly layout with both climate-controlled and drive-up units. The facility also has excellent potential for revenue growth and fits well with our strategy to acquire opportunistic self-storage properties.”
SmartStop is a diversified real estate company focused on self-storage, student housing and senior housing assets. The company has approximately $1.9 billion of real estate assets under management, including 131 self-storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 85,000 units and 9.8 million rentable square feet. SmartStop’s real estate portfolio also includes five student housing communities with approximately 2,800 beds and 1.1 million square feet of space, as well as four senior housing communities with approximately 650 beds and 500,000 rentable square feet of space.
SmartStop is the sponsor of three public non-traded REITs: Strategic Storage Trust IV, Inc., and Strategic Storage Trust II, Inc., both focused on self-storage assets, and Strategic Student & Senior Housing Trust, Inc. focused on student and senior housing assets. Capital raised across its two open offerings totaled $46.5 million in the first three months of 2019. The Company is also a national sponsor of Section 1031 exchange offerings using a Delaware statutory trust structure and private placement offerings using a REIT structure.
SmartStop has a track record of full cycle REIT liquidity events, including the all cash merger of Strategic Storage Trust, Inc. with Extra Space Storage in October 2015 for $13.75 per share and the all cash merger of Strategic Storage Growth Trust, Inc. with Strategic Storage Trust II, Inc. in January 2019 for $12.00 per share.
Sources: SmartStop, SEC, Blue Vault
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