SmartStop Asset Management Completes Successful Liquidity Event for DST Investors, Delivers 143% Total Return
December 28, 2021 | SmartStop Asset Management, LLC.
SmartStop Asset Management (“SmartStop”) affiliate Strategic 1031 Properties announced today 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.
“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.”
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.
About SmartStop Asset Management, LLC
SmartStop Asset Management (“SmartStop”) is a diversified real estate company focused on student housing and senior housing. SmartStop and its affiliates have a managed portfolio that includes approximately $2.0 billion of assets.
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