(EDITOR’S NOTE:The sales price of the property was $12.9 million, or approximately $16,538 per unit, according to King County records)
TACOMA, Wash., May 23, 2018 — 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 a 780-unit self storage facility in the Tacoma suburb of Puyallup, Wash.
“This self storage facility is prominently located between the area’s two primary highway corridors, through which thousands of commuters travel each day,” said Wayne Johnson, chief investment officer. “Adding to its visibility and accessibility, the facility is situated just 200 yards away from a major grocery-anchored retail center. This acquisition is well-aligned with our investment criteria, and we expect it to be an excellent addition to our growing portfolio of self storage assets.”
Located at 1401 N. Meridian Ave., the facility is situated at the corner of the intersection of North Meridian and Highway 167. With approximately 85,000 net rentable square feet, the property features 13 single-story drive up buildings and a two-story leasing office with an onsite manager’s apartment. Constructed in 1990, the facility was 94 percent leased at the time of acquisition.
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 five properties comprising approximately 2,900 self storage units and approximately 324,500 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 116 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 73,500 units and 8.5 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: SST IV, 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. Additional information regarding SmartStop is available at www.SAM.com and more information regarding SmartStop® Self Storage in the United States and Canada is available at www.smartstopselfstorage.com.