HOUSTON—Strategic Storage Trust IV, Inc. reports it has acquired a 540-unit self-storage facility in northwest Houston.
The public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC of Ladera Ranch, CA, purchased the facility at 8415 Queenston Blvd., which is comprised of approximately 63,000 net rentable square feet and is situated on 3.66 acres of land. Constructed in 2007, the facility features interior climate-controlled units, drive thru/drive-up units and four RV parking spaces. The facility was approximately 91% leased at the time of acquisition.
“This facility is located in the fast-growing northwest Houston sub-market and is surrounded by established residential communities,” says Wayne Johnson, chief investment officer for Strategic Storage Trust IV. “The acquisition, which comes on the heels of SST IV’s October 2018 acquisition of a six-facility self-storage portfolio in the Greater Houston area and College Station, Texas, will continue to expand the REIT’s footprint in the Houston area.”
No financial terms of the transaction were released. SST IV worked with the listing brokers Nick Walker and John Fenoglio of CBRE Inc. on the transaction.
SST IV owns 14 self-storage properties comprising approximately 8,400 self-storage units and approximately 1.038 million net rentable square feet of storage space, as well as one vacant lot of land for development.