SmartStop acquires USC student housing complex

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Real estate management company SmartStop Asset Management LLC has acquired University of South Carolina student housing community Aspyre at Assembly Station for $64.5 million.

The 400-unit, 760-bed complex, located at 1000 Whaley St., has one-, two- and three-bedroom units ranging in size from 560 to 1,295 square feet.

“The Aspyre at Assembly Station acquisition aligns with our strategy to invest in well-located, Class A student housing communities near major universities that are purpose-built and offer best-in-class amenities," SmartStop CEO H. Michael Schwartz said in a news release.

The property is 100% occupied for the 2017-18 academic year.

“Due to a strong increase in enrollment at the University of South Carolina over the last decade, demand for student housing near the university has expanded significantly,” said John Strockis, senior vice president of acquisitions for SmartStop. “The property's large units and enhanced privacy design allows our student residents to live with their friends while having the comfort of their own bedroom, closet and bathroom.”

SmartStop manages approximately $1.3 billion of real estate assets, including five student housing communities. The company also manages 109 self-storage facilities in the U.S. and Canada.