SmartStop REIT Buys 590-Unit Phoenix Storage Facility
The sale marks the investor's fourth acquisition in the market.
12220 E. Riggs Road
Strategic Storage Trust VI Inc., an affiliate of SmartStop Self Storage REIT Inc., has acquired Vault Storage & RV, a 590-unit self storage facility in Chandler, Ariz. The Schomac Group previously bought the asset in 2020, after securing a $3.8 million loan funded by First Fidelity Bank, Yardi Matrix data shows.
Built in 1997 and expanded in 2020, the facility is spanning 8.4 acres and encompasses 14 buildings and 81,400 net rentable square feet with both non-climate and climate-controlled units, varying from 25 to 250 square feet. On-site amenities include drive-up units, secured and alarmed doors, gated entry and RV and boat parking.
Located at 12220 E. Riggs Road, the facility is among other 10 properties within a 3-mile radius, totaling 12.5 net rentable square feet per capita, significantly above the 7.1 national average. There are two prospective storage assets in Chandler, Ariz., set to add 200,000 square feet to the current inventory, Yardi Matrix data shows.
The sale marks the firm’s 13th acquisition with SST IV and the fourth transaction in the Phoenix market. At the beginning of the month, the REIT expanded its portfolio with two storage assets, totaling 155,700 net rentable square feet, in Portland, Ore., and Vancouver, Wash.
