Strategic Storage Trust IV, Inc. (SST IV), a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC (SmartStop), announced today its acquisition of an approximately 700-unit self storage facility in downtown Naples, Florida.
"This facility is strategically located close to the heart of downtown Naples adjacent to several newly opened and under-construction condominium projects," said Wayne Johnson, chief investment officer. "We believe this will continue to enhance demand for the facility and generate greater value for our investors. Additionally, the facility has served the Naples community for many years and we look forward to continuing the high level of service that our tenants have enjoyed."
Located at 275 Goodlette-Frank Road, the self storage facility is comprised of approximately 77,900 net rentable square feet. Constructed in 2001, the facility was approximately 97.5 percent leased at the time of acquisition. It features climate-controlled drive-up units, remote-control access, high-tech security, two elevators and wine and automobile storage options.
About Strategic Storage Trust IV, Inc. (SST IV)
SST IV is a Maryland corporation that intends to qualify as a real estate investment trust for federal income tax purposes for the taxable year ended December 31, 2017. SST IV focuses on the acquisition of stabilized and growth self storage properties. SST IV owns seven properties comprising approximately 4,300 self storage units and 481,800 net rentable square feet of storage space.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage, student housing and senior housing assets. The company has approximately $1.5 billion of real estate assets under management, including 118 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 74,800 units and 8.7 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 four public non-traded REITs: Strategic Storage Trust IV, Inc., Strategic Storage Trust II, Inc., and Strategic Storage Growth Trust, Inc., all focused on self storage assets, and Strategic Student & Senior Housing Trust, Inc., focused on student and senior housing assets. SmartStop is also a national sponsor of Section 1031 exchange offerings using the Delaware statutory trust structure.