Strategic Storage Trust II Inc. (SST II), a public, non-traded, self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has acquired Sonoma Self Storage near downtown Sonoma, Calif. The 24-building property at 19240 Highway 12 comprises 37,800 rentable square feet in approximately 340 units. Built in 1984, it sits on nearly 2 acres and offers drive-up and vehicle storage.
“The Sonoma self-storage acquisition gives us the best location in a market that is [more than] 96 percent occupied,” said H. Michael Schwartz, CEO and chairman SST II. “Though the property is highly occupied, we believe there is significant trapped value to be unlocked through a revenue-management program, operating efficiencies and capital improvements.”
The SST II portfolio currently includes 43,000 self-storage units and approximately 4.7 million rentable square feet of storage space. It’s the asset manager for 69 facilities in Toronto and the United States. SmartStop Asset Management also sponsors Strategic Storage Growth Trust Inc., a public, non-traded REIT also focused on self storage assets.