Strategic Storage Trust II, Inc. (SST II) -- which is sponsored by SmartStop Asset Management, LLC -- recently purchased 11 self storage facilities located in Florida and Maryland totaling approximately 9,540 units and approximately 985,500 rentable square feet.
"The Mindful acquisition is accretive to our portfolio in many categories -- including asking rents and occupancy," said H. Michael Schwartz, chairman and CEO of SST II. "At 96% occupancy, these 11 properties represent a proven income stream with imbedded operational upside."
Ten facilities are located in Florida and one facility is located in Baltimore, Maryland. All properties provide easy access with grade level drive-up units, climate controlled units and RV units.
"We like the diversity of these assets across the southern half of Florida," said Wayne Johnson, CIO for SST II. "There are 10 stores spread amongst five counties, each in dense and established markets. The Baltimore property is in a region that we know well from a historical perspective and fits within our future growth plans."
The details of the 11 properties in this portfolio are as follows:
About Strategic Storage Trust II, Inc. (SST II)
Strategic Storage Trust II, Inc. (SST II) is a public non-traded REIT that focuses on stabilized self storage properties. The SST II portfolio includes approximately 39,630 self storage units and approximately 4.3 million rentable square feet of storage space.
About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 56,700 self storage units and approximately 6.2 million rentable square feet. The company is the asset manager for 85 self storage facilities located throughout the United States and Toronto, Canada. SmartStop Asset Management is the sponsor of SSTII and Strategic Storage Growth Trust, Inc. (SSGT), a public non-traded REIT focused on opportunistic 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. In 2015, key executives at Smartstop Asset Management negotiated the sale of SmartStop Self Storage Inc. (Smartstop), then a fully integrated, self-administered and self-managed self storage company, owning and/or operating 170 self storage properties in 21 states and Toronto, Canada, to Extra Space Storage Inc., the second-largest storage operator in the United States, in a merger transaction with SmartStop having an enterprise value of $1.4 billion.