Strategic Storage Growth Trust Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired an 850-unit self-storage portfolio in Asheville, NC for $10.25 million.
The two properties offer a combined 115,000 rentable square feet of space, including 40 RV/boat spaces.
The portfolio includes:197 Deaverview Rd., a 370-unit self-storage facility equipped with drive-up entrances, interior climate control, a gated fence and surveillance cameras; and 75 Highland Center Blvd., a 480-unit self-storage facility equipped with drive-up entrances, a gated fence and surveillance cameras.
“These facilities are located in a growing community with excellent demographics, including college students, retirees and apartment renters, all of which represent good demographic groups for self-storage,” explains H. Michael Schwartz, chairman and chief executive officer. “We are pleased to add these facilities to our growing portfolio, which now includes 21 properties in eight states and Toronto, Canada.”
The REIT recently revealed it’s Q1 earnings, showing that from inception through December 31, 2016, SSGT had acquired 17 properties for an aggregate cost basis of approximately $91 million, exclusive of acquisition fees and expenses and inclusive of construction in process. As of December 31, 2016, the total estimated value of the individual real estate assets as provided by Duff and Phelps was approximately $129 million.