SmartStop Asset Management affiliate Strategic 1031 Properties announced the sale of the Class A student housing property, YOUnion@Reno, located in Reno, Nevada. SmartStop, through its subsidiary that serves as asset manager, facilitated the sale of the property on behalf of Reno Student Housing DST, a Delaware statutory trust that is one of SmartStop’s investment programs.
The sale resulted in a total return of 143% to its DST investors, which was calculated based on the aggregate amount of original capital invested in the property.
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“The sale of the YOUnion@Reno property proved our student housing investment strategy,” said H. Michael Schwartz, founder and chief executive officer of SmartStop Asset Management. “We intentionally acquire Class A, purpose-built and pedestrian-to-campus student housing communities that benefit from our YOUnion Student Living brand, hands-on asset management and relentless resident focus. We purchased the property for the DST in 2016, and by implementing value-add upgrades and offering competitive rent structures, the property averaged 98% leased occupancy over the hold period.”
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The 186-unit, 709-bed YOUnion@Reno property is located at 2780 Enterprise Road, just three blocks from the University of Nevada, Reno campus. The community consists of a mix of student apartments, study rooms, a fitness center, a pool and a clubhouse. During the past five years, SmartStop added 5G, high-speed internet, Amazon Hub lockers, and study areas with powered furniture.
The property was marketed for sale by Raymond James Investment Banking Group, and was sold to an institutional investor.
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