SmartStop Asset Management, LLC Acquires First Student Housing Property Totaling $70 Million in Nevada
RENO, NV–(Marketwired – Dec 20, 2016) – SmartStop Asset Management, LLC recently announced that it facilitated the acquisition of The Summit, a 186 unit /709 bed, Class “A”, purpose-built student housing community located adjacent to the University of Nevada, Reno (UNR) campus for approximately $70 million. John Strockis, senior vice president of acquisitions for SmartStop Asset Management, facilitated the transaction on behalf of a SmartStop affiliate.
“We are pleased to have acquired our first student housing property with the goal of expanding our commercial real estate portfolio to include not only high-quality self storage assets, but also student and senior housing investment opportunities,” said H. Michael Schwartz, chairman and CEO of SmartStop Asset Management.
Located one block from the UNR campus at 2780 Enterprise Rd, The Summit is a seven-building property that sits on 8.95 acres and totals approximately 237,547 rentable square feet. The units are fully furnished and include energy-efficient appliances, ensuite washer and dryer, interior condominium finishes with granite countertops, pendant lighting, espresso finish cabinets and wood vinyl plank flooring.
In addition, The Summit offers vast amenities including a two-story clubhouse with fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, common area barbecues, tanning room, security, 14 private study rooms, covered parking, gated access and covered bike storage areas.
“The state-of-the-art architectural design offer students a sense of community and connectedness that will make this property attractive to student/residents for many years to come,” said Strockis. “In addition, this newly constructed property is currently benefiting from the strong economic expansion in greater Reno.”
The Summit is 99% occupied, is LEED Silver Certified and offers many green amenities such as energy-efficient HVAC, high-grade air filters, drought-tolerant landscaping and energy efficient lighting. In addition, the property offers +1 Gigabit of bandwidth capacity so students have the benefit of fast and reliable Internet connectivity and ability to stay connected to multiple devices to support their academic needs.
About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 59,400 self storage units and approximately 6.7 million rentable square feet. The company is the asset manager for 89 self storage facilities located throughout the United States and Toronto, Canada. SmartStop Asset Management is the sponsor of both SST II and SSGT. 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 is available at www.smartstopassetmanagement.com
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in the Company’s prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.
Strategic Asset Management I, LLC
10 Terrace Rd.
Ladera Ranch, CA 92694
T: (949) 429.6600
F: (949) 429.6606