October 23, 2019
SmartStop Self Storage REIT Inc. traded a 440-unit facility in San Antonio to Embrey Partners Ltd. The new owner is planning to redevelop the property, situated on a historic site, into a mixed-use development.
SmartStop acquired the asset on the 800 block of East Ashby Place in 2016, as part of the portfolio merger between SmartStop and Strategic Storage Growth Trust, which closed in January 2019. “In the case of this asset, the best return was to sell the property based on the highest and best use of the land located in a historical San Antonio neighborhood,” said SmartStop’s Wayne Johnson.
Embrey Partners is teaming up with Area Real Estate to turn the 5.1 acres it just acquired into a 300-unit apartment complex and redeveloped office and retail building.
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