Strategic Storage Trust IV Subsidiary to Purchase Seven Facilities in Texas
April 24, 2018 | Beth Glavosek | Blue Vault
On April 18, 2018, a subsidiary of Strategic Storage Trust IV, Inc., entered into a purchase and sale agreement for the acquisition of a portfolio of seven self storage facilities in Texas. The purchase price for the properties is $58.5 million, plus closing and acquisition costs. The facilities contain a combined total of approximately 3,930 units. Strategic Storage Trust IV expects the acquisition of the properties to close in the third or fourth quarter of 2018.
Strategic Storage Trust IV, Inc. began its public offering in March 2017. As of December 31, 2017, the REIT owned two properties, comprising 127,000 square feet, that were 95% occupied. The distribution yield on its Class A stock as of December 31, 2017, was 6.25% based on the $25.00 offering price. As of December 31, 2017, the REIT did not have any third party indebtedness. All cash distributions in 2017 were funded by offering proceeds.
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