RANCH LADERA, California, January 11, 2022 / PRNewswire / – SmartStop Asset Management (“SmartStop”) as sponsor of Strategic Student & Senior Housing Trust, Inc. (the “REIT”), today announced the sale of [email protected], the FPI’s category A student housing building located next to the Florida State University Campus. SmartStop, through its affiliate, acted as asset manager and facilitated the sale of the property on behalf of the REIT.
“The sale of [email protected] real estate will improve our balance sheet, ”said Jean Strockis, President and Chief Investment Officer of the REIT. “Our strategy of acquiring specially designed, pedestrian-friendly Class A student housing communities to campus, augmented by our YOUnion Student Living trademark and hands-on asset management has proven to be invaluable. We bought the property for the REIT in 2017 and renamed the community in 2018 to [email protected] resulting in an average property occupancy rate of 98% over the holding period. “
The 125 units, 434 beds [email protected] property is located at 700 W. Virginia St., just two blocks from the Florida State University Campus. The community consists of a mix of student apartments, study rooms, a fitness center, swimming pool and clubhouse. The community is already 98% pre-let for the 2022-2023 academic year.
The property was put up for sale by Raymond James Investment Banking Group and was sold to an institutional investor.
About SmartStop Asset Management, LLC
SmartStop is a diversified real estate company focused on student housing and senior housing, and manages a portfolio of approximately $ 400 million of assets.
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SOURCE SmartStop Asset Management, LLC