Strategic Storage Growth Trust, Inc., a public non-traded REIT sponsored by SmartStop Asset Management, LLC, announced today its purchase of a newly converted, 900-unit self storage facility that opened in March in Garden Grove, Calif. for $18.4 million.
Located at 12321 Western Ave., the approximately 3-acre property includes roughly 95,000 rentable square feet and 59 RV storage spaces.
"This self storage facility is well located in a highly populated urban area that we believe has a consistent demand for storage space," said H. Michael Schwartz, chairman and chief executive officer. "We couldn't be more pleased to expand the Strategic Storage Growth Trust portfolio with this attractive acquisition."
SSGT is a public non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 16 operating self storage facilities located in seven states comprising approximately 11,000 self storage units and approximately 1.3 million net rentable square feet of storage space.