SmartStop Asset Management, LLC Announces the Acquisition of a 760-Bed Student Housing Community Near University of South Carolina for $64.5 Million
February 1, 2018 | SmartStop Asset Management, LLC
Columbia, S.C. – (Feb. 1, 2018) - SmartStop Asset Management, LLC (SmartStop) announced today that certain of its affiliates have acquired Aspyre at Assembly Station, a 400-unit, 760-bed student housing community for $64.5 million. The property is within walking distance of the University of South Carolina.
“The Aspyre at Assembly Station acquisition aligns with our strategy to invest in well-located, Class A student housing communities near major universities that are purpose-built and offer best-in-class amenities,” said H. Michael Schwartz, chief executive officer of SmartStop. “The University of South Carolina is an R1: Doctoral University, as classified by the Carnegie Classification of Institutions of Higher Education; is ranked on the U.S. News Best Colleges—National University Rankings; and is a 27-year member of the Southeastern Conference.”
Aspyre at Assembly Station is comprised of one-, two-, and three-bedroom units ranging in size from 560 square feet to 1,295 square feet. Each unit features a full-size washer and dryer, modern appliances, and a private balcony/patio. Community amenities include: onsite management and maintenance staff; a 24-hour fitness center; connected parking garage; card-access entries; high-speed Internet and Wi-Fi; five courtyards; business center with computer lab; resort and lap pools; a sauna; and various outdoor recreational areas.
“Due to a strong increase in enrollment at the University of South Carolina over the last decade, demand for student housing near the university has expanded significantly,” said John Strockis, senior vice president of acquisitions for SmartStop. “The property’s large units and enhanced privacy design allows our student residents to live with their friends while having the comfort of their own bedroom, closet and bathroom.”
Located on the corner of Assembly and Whaley Streets in Columbia, the property is 100 percent occupied for the 2017-2018 academic year and is within walking distance of classrooms, athletic facilities, restaurants, nightlife and entertainment amenities.
Founded in 1801, the University of South Carolina has over 350 degree programs and reports an enrollment of more than 34,000 undergraduate and graduate students on the main Columbia campus. The school has 17 NCAA Division 1 intercollegiate men’s and women’s sports teams that are in the Southeastern Conference. In 2017, its women’s basketball team won the NCAA Championship, and its men’s basketball team made it to the final four of the NCAA Championship.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. The company has approximately $1.3 billion of real estate assets under management, including 109 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 68,000 units and 8.0 million rentable square feet. SmartStop’s real estate portfolio also includes five student housing communities with approximately 2,800 beds and 1.0 million rentable square feet of space. SmartStop is the sponsor of Strategic Storage Trust II, Inc., Strategic Storage Growth Trust, Inc. and Strategic Storage Trust IV, Inc., all public non-traded REITs focusing on self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information regarding SmartStop is available at www.SAM.com and more information regarding SmartStop® Self Storage in the United States and Canada is available atwww.smartstopselfstorage.com.
Learn more about SmartStop Asset Management, LLC on the Blue Vault Sponsor Focus page.