REIT buys 11 self-storage facilities in Asheville, NC area

A California REIT has purchased a portfolio of 11 self-storage facilities in Western North Carolina for more than $92 million.

Strategic Storage Trust II, which is sponsored by SmartStop Asset Management LLC, closed the deal on December 30. It included approximately 4,850 units.

“Collectively, these 11 properties have averaged an overall occupancy of 95% during 2016 and require little capital expenditure,” H. Michael Schwartz, chairman and CEO of SST II, said in a news release. “The dynamics of this portfolio are a great balance to our existing self storage facilities located throughout the U.S. and Canada.”

In addition, Strategic Storage Growth Trust — which is also sponsored by SmartStop Asset Management — announced this month that it has acquired a vacant industrial building in Asheville that will be converted to 650 units of climate-controlled and drive-up storage.