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Self-Storage Operator SmartStop Getting into Multifamily

Newly Formed Non-Traded REIT Looking to Buy Student, Senior Housing
January 23, 2018
Strategic Student & Senior Housing paid $47.5 million for The Domain at Tallahassee.

SmartStop Asset Management, a sponsor and operator of self-storage facilities, is expanding into properties housing the young and old. The Ladera Ranch, CA-based firm is launching a public offering of new non-traded REIT called Strategic Student & Senior Housing Trust and filed an offering of $1 billion of its common stock.

The new offering follows a $75.6 million private fundraising effort. Following the fundraising the REIT will covert the private shares to common shares.

The REIT currently owns two student housing properties, one each in Fayetteville, AR, and Tallahassee, FL, as well as an approximately 2.6% beneficial interest in a DST that owns another student housing property.

It also disclosed it has an agreement to purchase three assisted living senior housing properties in the Salt Lake City market: The Wellington, Cottonwood Creek and The Charleston. That purchase is expected to close this month for $78.5 million. The Wellington is an existing 119-unit senior housing property built in 1999; Cottonwood Creek is an existing 111-unit senior housing property built in 1982; and The Charleston is an existing 64-unit senior housing property built in 2005.

Separately this week, SmartStop acquired another student housing property, 411 Lofts, a 90 unit, 345-bed purpose-built student housing community located three blocks from the University of Michigan in Ann Arbor for $43.8 million. No word yet on whether it will be folded into the REIT.

SmartStop is the sponsor of Strategic Storage Trust II, Strategic Storage Growth Trust, and Strategic Storage Trust IV, all public non-traded REITs. The company has approximately $1.3 billion of real estate assets under management, including 109 self-storage facilities located throughout the U.S. and in Toronto, Canada.

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