TALLAHASSEE, Fla., Sept. 29, 2017 /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 The Domain At Tallahassee, a 125-unit, 434-bed student housing property located one block from the campus of Florida State University in Tallahassee, Florida. The acquisition is the second for Strategic Student & Senior Housing Trust, raising its portfolio value to approximately $104.5 million, based on aggregate purchase price.
"The Domain at Tallahassee is a purpose-built, newly constructed and 100 percent leased student housing community located just a short walk away from Florida State University, which has more than 41,000 students," said H. Michael Schwartz, chief executive officer of Strategic Student & Senior Housing Trust. "The amenities-rich, Class A property features a modern suburban-wrap design, and fits well with our acquisition strategy of acquiring core, stabilized student housing assets adjacent to Tier 1 universities."
Located at 700 W. Virginia St. on 3.71 acres of land, The Domain at Tallahassee is one block from campus, offering students easy access to the Student Union, Business School and North Campus Library and Learning Commons. Floor plans range from one to four bedrooms and each fully furnished unit includes one bathroom per bedroom parity for enhanced privacy. Community amenities include secure access, a 24-hour fitness facility, resort style pool, computer center, private study rooms, coffee bar and more. Incorporated throughout the property is a fiber optic cable with broadband speeds of one gigabit per second, which supports connectivity to multiple devices at a time.
"This pedestrian-to-campus student housing property is built to help each of its Florida State University residents become more productive by providing secure housing that features onsite, round-the-clock fitness, high-speed internet, study rooms and close proximity to campus," said John Strockis, senior vice president of acquisitions. "The Domain at Tallahassee is the premier, amenities-rich, off campus student housing community at Florida State University."
Asset Campus Housing serves as the third party manager of The Domain at Tallahassee. A member of The Institute of Real Estate Management, the firm is recognized as an Accredited Management Organization and currently manages in excess of 210 properties and 118,500 beds. The Domain at Tallahassee was developed by Asset Plus Companies, an affiliate of Asset Campus Housing, which requested SmartStop bid on the student housing community.
Founded in 1851, Florida State University has more than 41,000 students from every Florida county and 140 countries. According to its website, the university is one of the nation's elite research universities, and The Journal of Criminal Justice Education ranked Florida State's College of Criminology and Criminal Justice No. 1 in the nation for faculty research. A Division 1 school in the Atlantic Coast Conference, the Florida State University Seminoles have won 14 national championships in nine sports.
About Strategic Student & Senior Housing Trust, Inc.
Strategic Student & Senior Housing Trust, Inc. is a Maryland corporation that intends to qualify as a real estate investment trust for federal income tax purposes. Strategic Student & Senior Housing Trust focuses on the acquisition of income-producing, Class "A" student housing and senior housing communities.
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 more than $1.3 billion of real estate assets under management, including 108 self storage facilities located throughout the United States and Toronto, Canada, comprised of roughly 68,000 units and 7.9 million rentable square feet. SmartStop's real estate portfolio also includes three student housing facilities with approximately 1,375 beds and 610,000 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. SmartStop is also the sponsor of Strategic Student & Senior Housing Trust, a private REIT focused on the acquisition of student and senior housing communities. Additional information regarding SmartStop Asset Management is available at www.SAM.com and more information regarding SmartStop® Self Storage in the United States and Canada is available at www.SmartStop.com.
SOURCE Strategic Student & Senior Housing Trust, Inc.