Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has raised more than $50 million from investors, which has enabled it to now accept capital from Pennsylvania residents. While most states require a relatively small amount of investor funds be held in escrow, such as $1.5 million, Pennsylvania uses a formula based on a company’s “maximum offering amount.” This resulted in an escrow figure of $50 million for SSGT, which prevented it from accepting money from Pennsylvania-based investors until now, according to a press release.
"We are pleased to have reached the $50 million equity mark so that interested investors from Pennsylvania can now participate," said chairman and CEO H. Michael Schwartz.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 14 storage facilities in seven states comprising approximately 1.1 million net rentable square feet in 9,300 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 86 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 6.2 million rentable square feet.