SmartStop Asset Management, LLC Completes Successful Liquidity Event for its Power 5 DST Investors, Delivers 141% Total Return
February 28, 2022 | SmartStop Asset Management, LLC
SmartStop Asset Management, LLC (“SAM”) announced today the portfolio sale of two Class A student housing properties, YOUnion@Ann Arbor, located three blocks from the University of Michigan, and YOUnion@Columbia, located two blocks from the University of South Carolina.
SAM, through its subsidiary that serves as asset manager, facilitated the $140 million sale of the properties on behalf of the Power 5 Conference Student Housing I DST, a Delaware statutory trust that is one of SAM’s investment programs. The sale resulted in a total return of 141% to its DST investors, which was calculated based on the aggregate amount of original capital invested in the property.
“We acquired both properties with the intention to implement modest common area upgrades and rebrand the communities to YOUnion Student Living,” said SAM Chief Investment Officer John Strockis. “Our team made value-add upgrades that included high-speed Wi-Fi, security cameras, Amazon Hub Lockers and new study rooms in common areas that greatly appealed to our resident base. Both communities averaged 99% occupancy over the hold period. The result of these upgrades and rebranding contributed to the 141% total return to our investors.”
The 97-unit, 345-bed YOUnion@Ann Arbor property is located at 411 E. Washington St. in Ann Arbor, Michigan. The 400-unit, 760-bed YOUnion@Columbia property is located at 1000 Whaley St. in Columbia, South Carolina.
The properties were marketed for sale by Raymond James Investment Banking Group, and were sold to an institutional investor as a portfolio.
About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC (“SAM”) and its affiliates have transacted more than $5.5 billion in office, industrial, retail, self storage, and senior and student housing throughout North America.
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