LADERA RANCH, Calif.–(BUSINESS WIRE)–March 31, 2022–
Strategic Storage Trust VI, Inc. (“SST VI”), a publicly registered real estate investment trust sponsored by a subsidiary of SmartStop Self Storage REIT, Inc. (“SmartStop”), today announced the acquisition of two newly constructed self storage facilities in MSA Portland. These are the ninth and tenth acquisitions of SST VI. Since launching SST VI as a private REIT in the first quarter of 2021, the REIT has purchased approximately $124 million worth of self-storage facilities and parcels of land to convert to self-storage .
“We are extremely excited to enter the Portland market with these two fantastic newly constructed properties,” said Wayne Johnson, Chief Investment Officer of SST VI. “With our tenth acquisition in the REIT, we believe we are building a very high quality portfolio that we believe will create strong shareholder value.”
Located at 4836 SE Powell Blvd, the newly constructed facility in Portland, OR is approximately three miles east of downtown. Opened in June 2020, the three-story facility is comprised of approximately 56,500 square feet of rental space. The property’s 520 units are 100% air-conditioned with a mix of drive-up, first-floor, and elevator-access units. This location is well positioned to serve the areas of Richmond, Hawthorne, Hosford-Abernethy, Reed, Creston-Kenilworth, South Tabor and Southeast Portland and has direct frontage at the corner of SE Powell Blvd and SE 49th Ave with added visibility from SE Foster Ave. The facility is located in a high-density, mature, moderate-income area that is currently undergoing revitalization.
The Vancouver, WA facility, which opened in February 2020, is located at 16600 SE 18th Street in the Fisher’s Landing neighborhood. It offers approximately 99,200 square feet of rental space and 1,090 units, 100% of which are indoor air-conditioned. This location serves the Northfield, Cascade Highlands, Fisher’s Landing East, Countryside Woods and Bella Vista areas and offers SE 15th Street and SE 164th Street visibility. The property is surrounded by high quality retail and very dense and affluent residential communities. It also has desirable amenities including a sophisticated security system, secure and alarmed doors, gated entrance, LED lighting.
About Strategic Storage Trust VI, Inc. (SST VI):
SST VI is a Maryland corporation that intends to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in revenue-generating and growth-generating self-storage facilities and related self-storage real estate investments in the United States and Canada. As of March 31, 2022, SST VI had a portfolio of eight properties in operation in the United States comprising approximately 5,190 units and 543,195 leasable square feet and joint venture interests in two properties under development in Toronto, Ontario.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop is a self-managed REIT with a fully integrated operations team of approximately 420 self storage professionals who are focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of March 31, 2022, SmartStop is one of the largest self-storage companies in North America, with an owned and managed portfolio of 165 properties in 19 states and Ontario, Canada and comprising approximately 112,000 units and 12.8 million leasable square feet. SmartStop and its affiliates own or manage 19 operating self-storage properties in the Greater Toronto Area, totaling approximately 16,200 units and 1.7 million leasable square feet. Additional information about SmartStop is available at www.smartstopselfstorage.com.
Show source version on businesswire.com:https://www.businesswire.com/news/home/20220331005737/en/
CONTACT: David Corak
Vice President of Corporate Finance
SmartStop Self Storage REIT, Inc.
KEYWORD: WASHINGTON CALIFORNIA OREGON UNITED STATES NORTH AMERICA CANADA
SECTOR KEYWORD: OTHER CONSTRUCTION & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE SCI
SOURCE: Strategic Storage Trust VI, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 03/31/2022 15:00 / DISK: 03/31/2022 15:02
Copyright BusinessWire 2022.