SmartStop Affiliate Closes Equity Raising for Student Housing Portfolio

The Power 5 Conference Student Housing I DST comprises YOUnion @ Columbia, a 760-bed community, and YOUnion @ Ann Harbor, a 345-bed property.
YOUnion at Columbia
YOUnion @ Columbia

Strategic 1031 Properties LLC, an affiliate of SmartStop Asset Management, has completed its $59.2 million equity raise for the Power 5 Conference Student Housing I DST. The portfolio consists of two properties located near the University of South Carolina and the University of Michigan.

Formerly known as Aspyre at Assembly Station, YOUnion @ Columbia, a 400-unit student housing community is located at 1000 Whaley St. in Columbia, S.C., approximately 1 mile from the university. The 760-bed property offers a mix of studios, one-, two- and three-bedroom units ranging from 560 to 1,295 square feet. Common-area amenities include:

  • fitness center
  • study areas
  • computer lab
  • two swimming pools
  • clubhouse
  • business center
  • media room
  • bike storage
  • five courtyards
YOUnion @ Ann Harbor
YOUnion @ Ann Harbor

Located at 411 E. Washington St. in Ann Arbor, Mich., YOUnion @ Ann Harbor—formerly known as 411 Lofts—offers 99 one-, three- and four-bedroom units averaging 989 square feet. The 10-story building offers 345 beds and includes common-area amenities such as a game room, fitness center, study areas, sky lounge, computer lab, clubhouse,laundry facility and a tanning room.

“Purpose-built, pedestrian-to-campus student housing at Tier I Universities has proven to be an attractive investment class for 1031 exchange investors due to its recession-resistant characteristics, consistent cash flows, and rising demand driven by steady enrollment increases at major universities with outdated on-campus dormitories,” John Strockis, SmartStop CIO, said in a prepared statement.

Images courtesy of Yardi Matrix