Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust focused on self-storage acquisition and development, has acquired a two-property portfolio in Asheville, N.C., for $10.25 million. Together, the facilities comprise 115,000 rentable square feet of space in 850 climate-controlled and drive-up units as well as 40 vehicle-parking spaces.
The property at 197 Deaverview Road contains 370 units, while the property at 75 Highland Center Blvd. offers 480 units. Both offer controlled access, perimeter fencing and video cameras, according to a press release.
“These facilities are in a growing community with excellent demographics, including college students, retirees and apartment renters, all of which represent good demographic groups for self-storage,” said H. Michael Schwartz, chairman and CEO. “We are pleased to add these facilities to our growing portfolio.”
SSGT is also converting a vacant industrial building in Asheville to self-storage. Once complete, the facility will comprise 72,000 net rentable square feet of storage space in 650 climate-controlled and drive-up units.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 18 storage facilities in eight states comprising approximately 1.4 million net rentable square feet in 11,900 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 107 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 7.8 million rentable square feet.