ANN ARBOR, MI—Affiliates of SmartStop Asset Management, LLC just acquired 411 Lofts, a 90-unit, 345-bed purpose-built student housing community located three blocks from the University of Michigan in Ann Arbor for $43.8 million.

“We've been looking at the market for about a year-and-a-half,” John Strockis, senior vice president of acquisitions for SmartStop, tells GlobeSt.com, and 411 Lofts looked like the perfect opportunity. “It is within one of the best, Tier 1 research universities in the country, and it is just three blocks from campus.” Built in 2009, the amenity-rich community was professionally managed, but with rents that were lower than comparable class A units nearby. “Everything lined up nicely.”

The Ladera Ranch, CA-based SmartStop has deep roots in the self-storage sector, and felt investments into student and senior housing fit well into its overall strategy. “These asset classes are all on solid footing,” says Strockis, and can generate returns over the long-term. Each is resistant to recessionary pressures, and the student population is set to grow right along with the nation's senior population.