Home Commercial SmartStop Asset Management Buys Self-Storage Facility in Vancouver, WA for $25MM

SmartStop Asset Management Buys Self-Storage Facility in Vancouver, WA for $25MM

JLL, Portland, Vancouver, SmartStop Asset Management, Banner Real Estate Group, Strategic Storage Trust VI

(EDITOR’S NOTE: According to public documents, the property sold for $25 million on March 29, 2022. The buyer was Ladera Ranch, Calif.-based SmartStop Asset Management.)

HOUSTON, April 28, 2022 – JLL Capital Markets announced today it has closed Vancouver Self Storage, a 1,134-unit, all climate-controlled self-storage facility in the Portland-area community of Vancouver, Washington.

JLL marketed the property on behalf of the seller, an affiliate of Banner Real Estate Group. Strategic Storage Trust VI, Inc. acquired the asset.

Vancouver Self Storage was completed in February 2020 and features modern amenities users seek, including electronic access control, elevator access to upper floors, covered loading bay, 24-hour video surveillance and a retail-oriented customer service office.

Positioned on 1.14 acres at 16600 SE 18th St., Vancouver Self Storage is located within Vancouver’s highly desirable Fisher’s Landing East neighborhood 20 miles north of downtown Portland. The immediate area surrounding the property contains nearly 43% renter-occupied housing, and, as the No. 1 city for 20 to 30-year-olds per Movehub, Vancouver is one of the fastest growing cities in the U.S.

The JLL Capital Markets team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon, along with Senior Director Christopher Ross and Analyst Ethan Goldberg.

“The area’s high share of manufacturing and tech jobs have stayed strong throughout COVID and are continuing to see remarkable growth and expansion,” Somoza said. “Forbes named Vancouver the No. 17 fastest-growing U.S. city, and projects like the 32-acre Waterfront Park redevelopment, which is expected to bring more than 10,000 new jobs to the area, will only increase its appeal.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.