LADERA RANCH, CA--(Marketwired - Jul 21, 2016) - Strategic Storage Growth Trust, Inc. (SSGT), which is sponsored by SmartStop Asset Management, LLC, has raised more than $50 million in capital from investors across the United States and is now accepting investments from Pennsylvania residents. While most states require a relatively small amount of investor funds be held in escrow (e.g., $1.5 million), Pennsylvania has a formulaic escrow requirement based on the maximum offering amount, which resulted in a $50 million escrow for SSGT. For this reason, SSGT has not permitted investments by Pennsylvania residents in its offering until now.
"We are pleased to have reached the $50 million equity mark so that interested investors from Pennsylvania can now participate," said SSGT chairman and CEO H. Michael Schwartz.
SSGT is a public, non-traded REIT that focuses on the acquisition, development, redevelopment and lease-up of self storage properties. The SSGT portfolio currently consists of 14 operating self storage facilities located in seven states comprising approximately 9,300 self storage units and approximately 1,100,000 net rentable square feet of storage space.
About SmartStop Asset Management, LLC
SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 57,100 self storage units and approximately 6.2 million rentable square feet. The company is the asset manager for 86 self storage facilities located throughout the United States and Toronto, Canada. SmartStop Asset Management is the sponsor of both SSGT and Strategic Storage Trust II, Inc. (SSTII), a public non-traded REIT focusing on stabilized self storage properties. 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. In 2015, key executives at Smartstop Asset Management negotiated the sale of SmartStop Self Storage Inc. (Smartstop), then a fully integrated, self-administered and self-managed self storage company, owning and/or operating 170 self storage properties in 21 states and Toronto, Canada, to Extra Space Storage Inc., the second-largest storage operator in the United States, in a merger transaction with SmartStop having an enterprise value of $1.4 billion.
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