SmartStop Buys 860-Unit Sacramento Storage Facility
The property last traded in 2021 for $16.3 million.
SmartStop Self Storage REIT Inc. has acquired a 79,800-square-foot self storage facility in Sacramento, Calif. The property last changed ownership in 2021, when Clear Sky Capital paid $16.3 million for the asset, Yardi Matrix data shows.
Originally built in 1981 and renovated in 2018, the facility spans 5.5 acres and encompasses 860 climate-controlled units, ranging from 20 to 300 square feet, as well as 60 spaces for RV and boat parking. Onsite amenities also include security features, drive-in loading areas and truck accessibility.
Located at 3970 Pell Circle, the property is close to Interstate 80 and Oak Knoll, Johnson Heights, Strawberry Manor, Northpointe, Del Paso Heights and Village Green neighborhoods. There are 11 storage facilities available within a 3-mile radius, offering residents 6.5 net rentable square feet per capita, slightly below the 7.1 national average.
Currently, there is a single self storage property under construction in the area, that will add roughly 72,420 square feet to the existing inventory, the same data provider shows. Sacramento remains a largely penetrated metro with longer-term absorption risk potential, totaling 8.8 net rentable square feet per capita, according to the latest Yardi Matrix report.
The acquisition marks SmartStop’s 30th owned or managed facility in California, adding up to the company’s 13 million rentable square feet portfolio across 22 states and Ontario, Canada. Just recently, the firm entered the Portland market through Strategic Storage Trust VI Inc. and bought two storage properties in Portland, Ore., and Vancouver, Wash.