Strategic Storage Trust IV Inc. (SST IV), a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a six-facility self-storage portfolio in College Station, Texas, and Greater Houston. With buildings constructed between 2002 and 2007 on 28.6 acres of land, the portfolio comprises 483,000 net rentable square feet in 3,400 climate-controlled and drive-up units as well as 200 vehicle-storage spaces.
“The properties are very well-located in high-barrier-to-entry markets around the Houston area,” said Wayne Johnson, chief investment officer for SST IV. “These facilities have maintained high occupancy and will be a strong addition to Strategic Storage Trust IV’s rapidly growing portfolio.”
The seller, Metro Mini Storage, was represented in the transaction by John Fenoglio, Trevor Roberts and Nick Walker, brokers for commercial real estate firm CBRE Group Inc. Headquartered in Los Angeles, the company offers advice and execution for appraisal and valuation, corporate services, development service, investment management, and consulting.
Based in Maryland, SST IV owns 13 self-storage properties comprising 965,000 net rentable square feet in 7,900 units. It intends to invest in self-storage properties in Canada and the United States.
SmartStop is the asset manager for 124 facilities in Canada and the U.S. Its portfolio comprises approximately 9.1 million rentable square feet.
