SmartStop Enters Portland With 2 Storage Acquisitions
The properties came online in 2020.
Strategic Storage Trust VI Inc., an affiliate of SmartStop Self Storage REIT Inc., has acquired two self storage facilities, totaling 155,700 net rentable square feet in Portland, Ore., and Vancouver, Wash. Northwest Self Storage sold the Portland asset, whereas Banner Real Estate Group was the seller of the Vancouver facility, Yardi Matrix data shows.
Opened in June of 2020, the Portland facility encompasses a three-story building and 56,500 square feet of storage space with 520 climate-controlled units, ranging from 20 to 450 square feet with drive-up access, elevator-access units, security features and RV and boat parking.
Located at 4836 SE Powell Blvd., within a high density, moderate-income area, the facility is one of the 27 available within a 3-mile radius, totaling 8.1 net rentable square feet per capita, above the 7 national average. The facility is close to the Richmond, Creston-Kenilworth, South Tabor and Southeast Portland neighborhoods. There are three developments underway that will add 232,968 square feet to the current inventory, Yardi Matrix data shows.
Completed in February 2020, the Vancouver facility comprises a four-story building with 99,200 net rentable square feet and 1,090 indoor units, ranging from 25 to 400 square feet. The building is secured with alarmed doors and gated entry and features LED lighting.
There are 13 available properties within a 3-mile radius of the facility, located at 16600 SE 18th St., offering residents 9 rentable storage spaces per capita. Currently, one facility is under construction in Vancouver, Wash., adding 62,146 square feet to the storage market, according to Yardi Matrix.
Building a high-quality storage portfolio
The facilities represent the ninth and 10th acquisitions under Strategic Storage Trust VI. Since the first quarter of 2021, the firm has invested roughly $124 million in self storage facilities and land parcels for ground-up developments. SmartStop owns roughly 165 properties across 19 states and Ontario, totaling some 12.8 million rentable square feet.
Last month, SmartStop merged with Strategic Storage Growth Trust II and acquired all the properties previously owned by the trust, totaling 100,500 units across seven states.