SALT LAKE CITY, Feb. 26, 2018 /PRNewswire/ — Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management, LLC (SmartStop), announced today its acquisition of a portfolio of three senior housing communities consisting of 294 units located in the greater Salt Lake City area.
Strategic Student & Senior Housing Trust, Inc. (PRNewsfoto/Strategic Student & Senior Hous)
“The acquisition of the Salt Lake City assisted living portfolio provides Strategic Student & Senior Housing Trust with three established senior housing properties, each with full amenities packages,” said John Strockis, chief investment officer. “Additionally, this acquisition marks SmartStop’s entry into the senior housing space, an emerging asset class.”
The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills, all best-in-class, purpose-built assisted living communities with strong historical occupancies. Each community provides residents with all-day dining services, activity rooms with daily programming, transportation, cafes and lounges, wireless internet, libraries, fitness/therapy rooms, private dining rooms, outdoor courtyards and beauty salons.
The Wellington is a 119-unit/140-bed assisted living community located at 4522 South 1300 East in Salt Lake City. The property is a multi-year recipient of the Best of State – Utah award in the merchandising and consumer services category.
Cottonwood Creek is a 111-unit/136-bed assisted living facility located at 1245 East Murray Holladay Road in Salt Lake City. Each unit at the facility is equipped with sliding glass doors leading to a balcony or patio.
The Charleston is a 64-unit/78-bed assisted living facility located at 10020 North 4600 West in Cedar Hills. The property, which also offers short-term/respite care, is a recipient of SeniorAdvisor.com’s 2016 and 2018 Best of Senior Living awards.
About Strategic Student & Senior Housing Trust, Inc. (SSSHT)
SSSHT is a Maryland corporation that intends to qualify as a real estate investment trust for federal income tax purposes. SSSHT focuses on the acquisition of income-producing, Class “A” student housing and senior housing communities. SSSHT owns two student housing properties, along with an approximately 2.6% beneficial interest in a DST that owns another student housing property, and three senior housing properties.
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. The company has approximately $1.5 billion of real estate assets under management, including 111 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 70,000 units and 8.1 million rentable square feet. SmartStop’s managed portfolio also includes five student housing communities with approximately 2,800 beds and 1 million square feet of space, as well as three senior housing communities with 354 beds and approximately 251,000 square feet of space. SmartStop is the sponsor of Strategic Storage Trust II, Inc., Strategic Storage Growth Trust, Inc. and Strategic Storage Trust IV, Inc., all public non-traded REITs focusing on self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information regarding SmartStop is available at www.SAM.com and more information regarding SmartStop® Self Storage in the United States and Canada is available at www.smartstopselfstorage.com.