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The DI Wire: SmartStop Acquires First Student Housing Property in Nevada

The DI Wire: SmartStop Acquires First Student Housing Property in Nevada

December 29, 2016
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"SmartStop Asset Management LLC, a real estate firm and sponsor of non-traded REITs, has purchased The Summit, a 186-unit, 709-bed class student housing community located across from the University of Nevada, Reno campus for approximately $$70 million. "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 aso student and senior housing investment opportunities," said H. Michael Schwartz, chairman and CEO of SmartStop Asset Management. 

The Summit is comprised of seven buildings that sit on nearly nine acres and total approximately 238,000 rentable square feet. The units are fully furnished and include energy-efficient appliances, washers and dryers, interior condominium finishes with granite countertops, and pendant lighting.

Community 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 students/residents for many years to come," said John Strockis, senior vice president of acquisitions for SmartStop Asset Management. "In addition, this newly constructed property is currently benefiting from the strong economic expansion in greater Reno."

The Summit, which is currently 99% occupied, is LEED silver certified and offers 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 internet bandwidth.

SmartStop Asset Management, a commercial real estate company that invests in self storage, student housing and senior housing properties, has approximately $1 billion in assets under management. The firm sponsors Strategic Storage Trust II and Strategic Storage Growth Trust, two publicly registered non-traded REITs.

For more SmartStop news, please visit their directory page here. 

Article by: The DI Wire"

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