SmartStop Asset Management Completes $59.2 Million DST Offering of Two Student Housing Communities in Michigan and South Carolina
LADERA RANCH, Calif. – (Oct. 15, 2018) – Strategic 1031 Properties, LLC, an affiliate of SmartStop Asset Management (SmartStop), announced today that it successfully completed its equity raise for the Power 5 Conference Student Housing I DST. The offering raised a total of $59.2 million of equity with approximately 170 investors.
Power 5 Conference Student Housing I, DST is comprised of two student housing properties:
- YOUnion @ Columbia (formerly known as Aspyre at Assembly Station), a 400-unit, 760-bed student housing community located near the University of South Carolina, and
- YOUnion @ Ann Arbor (formerly known as 411 Lofts), a 97-unit, 345-bed student housing community located near the University of Michigan in Ann Arbor.
“Purpose-built, pedestrian-to-campus student housing at Tier I Universities has proven to be an attractive investment class for 1031 exchange investors due to its recession-resistant characteristics, consistent cash flows, and rising demand driven by steady enrollment increases at major universities with outdated on-campus dormitories,” said John Strockis, chief investment officer. “SmartStop is pleased to complete this DST offering of two Class A student housing communities. We expect this investment to benefit from the YOUnion Student Livingâ rebranding now underway.”
Located at 1000 Whaley St., YOUnion @ Columbia is comprised of fully furnished one-, two-, and three-bedroom units ranging in size from 560 square feet to 1,295 square feet. Each unit features a full-size washer and dryer, modern appliances, and a private balcony/patio. Community amenities include
A 10-story building, YOUnion @ Ann Arbor is comprised of fully furnished one-, two-, three- and four-bedroom units ranging in size from 400 square feet to 1,135 square feet. Community amenities include security-controlled access to units and bedrooms; underground parking; a 24-hour fitness facility;
About Strategic 1031 Properties, LLC
Strategic 1031 Properties, LLC is a Delaware limited liability company that is owned by SmartStop Asset Management, LLC.
Strategic Asset Management I, LLC
10 Terrace Rd.
Ladera Ranch, CA 92694
T: (949) 429.6600
F: (949) 429.6606