"These are all highly visible locations in active and growing commercial areas, and they're all well occupied," says H. Michael Schwartz, SSTI's Chairman and CEO. "The purchase means we are continuing to build a solid portfolio of well-positioned assets with potential for further growth."
In Walton, KY, SSTI purchased a 81% occupied 434-unit facility. The property, built in 1991, contains 72,000 square feet of storage space. A 344-unit complex in Crescent Springs, KY, which is 87% occupied; and a 517-unit facility in Florence, KY, which is 93% filled, were also part of the transaction.
The portfolio was purchased, in part, through the use of two seller financed promissory notes. According to SSTI, the notes have a fixed interest rate of 5% per year for the first three years, and a 6% interest rate for the final two years of the term.
SSTI's current portfolio contains 3,024 storage units and 377,000 rentable square feet of storage space across the country.
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