SmartStop Asset Management has begun its foray into residential real estate with a $70 million acquisition of The Summit, a 186-unit, 709-unit, Class-A student housing community located one block from the University of Nevada, Reno (UNR).
The real estate investor, which until now has specialized in self-storage assets, is looking to expand into student and senior housing ownership.
“We are pleased to have acquired our first student housing property with the goal of expanding our commercial real estate portfolio to include not only high-quality self storage assets, but also student and senior housing investment opportunities,” H. Michael Schwartz, chairman and CEO of SmartStop Asset Management, said in a release.
The Summit encompasses seven LEED Silver Certified buildings on 8.95 acres, and includes fully-furnished units with in-suite laundry, condominium-grade interior finishes, including granite countertops, and energy-efficient appliances, HVAC systems, air filters, and lighting.
The property’s amenities include a clubhouse, fitness center, game lounge, pool, spa, computer center, common barbecue areas, a tanning room, and 14 private study rooms. A campus shuttle service is provided, as well as gated access and covered parking and bike storage. High-bandwidth, +1 Gigabit Internet connectivity is available across the property.
John Strockis, senior vice president of acquisitions, facilitated the acquisition on behalf of an affiliate of SmartStop.
