SmartStop Asset Management Affiliate Completes $42.9 Million DST Offering of 709-Bed Student Housing Community in Reno, Nevada
RENO, Nev. – (Oct. 23, 2017) – Strategic 1031 Properties, LLC, an affiliate of SmartStop Asset Management, announced today that its Delaware Statutory Trust offering, Reno Student Housing, DST, has been fully subscribed by investors. The offering raised a total of $42.9 million of equity.
Reno Student Housing, DST is comprised of The Summit, a 186-unit, 709-bed student housing community located one block from the University of Nevada, Reno. The Summit is a seven-building, Silver LEED certified student housing community located at 2780 Enterprise Road. The property is currently 97 percent leased.
“Student housing is a needs-based real estate sector that has proven to be recession resistant,” said H. Michael Schwartz, founder, chairman and chief executive officer of SmartStop Asset Management. “We are very pleased to announce the completion of this DST offering. The Summit is a newly constructed, student housing community that is purpose-built and amenities-rich, as well as adjacent to one of Nevada’s largest universities.”
The Summit’s 186, fully furnished units are comprised of two-, three-, four- and five-bedroom floor plans, the majority of which include one-bedroom/one-bathroom parity for enhanced privacy. Community amenities include gated access, private study rooms, a two-story clubhouse with a fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, covered bike storage areas and more. Incorporated throughout the property is a fiber optic cable with broadband speeds of one gigabit per second, which supports connectivity to multiple devices at a time.
The University of Nevada, Reno is a 21,000-student Division I school that has been ranked a National Tier 1 University by U.S. News & World Report. The school offers more than 145 degree programs across a variety of subjects and disciplines.
About Strategic 1031 Properties, LLC
Strategic 1031 Properties, LLC is a Delaware limited liability company that is owned by SmartStop Asset Management, LLC.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. The company has more than $1.3 billion of real estate assets under management, including 108 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 68,000 units and 7.9 million rentable square feet. SmartStop’s real estate portfolio also includes three student housing facilities with approximately 1,735 beds and 610,000 square feet of space. SmartStop is the sponsor of Strategic Storage Trust II, Inc., Strategic Storage Growth Trust, Inc. and Strategic Storage Trust IV, Inc., all public non-traded REITs focusing on self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information regarding SmartStop Asset Management is available at www.SAM.com and more information regarding SmartStop® Self Storage in the United States and Canada is available at www.SmartStop.com.
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