Strategic Storage Trust IV Acquires 460-Unit Self Storage Facility in Riverside, California
April 6, 2018 | James Sprow | Blue Vault
Strategic Storage Trust IV, Inc. (SST IV), a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC (SmartStop), announced on April 6 its acquisition of a 460-unit self storage facility located at 3167 Van Buren Blvd. in Riverside, California.
“We believe the property will be an exceptional addition to the rapidly growing portfolio of Strategic Storage Trust IV,” said Wayne Johnson, chief investment officer. “Located just two blocks south of the 91 Freeway, this asset is on a major artery serving the City of Riverside and should benefit operationally by being in proximity to other SmartStop managed facilities in the area.”
The facility has approximately 55,000 rentable square feet and is situated on nearly 2.3 acres of land.
About Strategic Storage Trust IV, Inc. (SST IV)
Storage Trust IV, Inc. is a nontraded REIT program sponsored by SmartStop Asset Management, LLC. SST IV focuses on the acquisition of stabilized and growth self storage properties. SST IV owns three properties comprising approximately 1,540 self storage units and approximately 182,000 net rentable square feet of storage space. According to Blue Vault, the REIT raised $31.7 million in 2017 in its public offering and raised an additional $17.7 million through March 2018. The REIT offers three classes of common stock and as of December 31, 2017, was distributing at an annualized rate of 6.25% on its Class A shares based upon the original offering price of $25.00 per share.
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 $1.5 billion of real estate assets under management, including 113 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 71,000 units and 8.2 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 three senior housing communities with approximately 350 beds and 250,000 rentable square feet of space. SmartStop is the sponsor of SST IV, Strategic Storage Trust II, Inc., and Strategic Storage Growth Trust, 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 at www.smartstopselfstorage.com.
Learn more about SmartStop Asset Management at the Blue Vault Sponsor Focus page.