Silver Star Properties REIT Completes Fourth Self-Storage Property Acquisition

Silver Star Properties REIT, Inc. ("Silver Star" or the "Company") has successfully closed its fourth self-storage property acquisition, a 907 unit, 81,370 square feet Class A facility located in Delray Beach, Florida. This strategic move is part of the Company's repositioning efforts into self-storage and single tenant real estate assets, as previously disclosed in its July 5, 2024 press release. The acquisition, completed on July 19, 2024, marks a significant milestone in the Company's pivot strategy, utilizing 1031 tax-free exchange transactions to minimize tax costs.

Key Takeaways:

• The Company has completed its fourth self-storage property acquisition, a 907 unit facility in Delray Beach, Florida, at a cost of $26.5 million.
• The acquisition is an identified replacement property for previously sold legacy assets, in line with the Company's pivot strategy.
• The property is a Class A facility with 81,370 square feet, representing a significant expansion of the Company's self-storage portfolio.
• The acquisition is part of the Company's repositioning efforts into self-storage and single tenant real estate assets.
• Silver Star Properties REIT has emphasized its commitment to minimizing tax costs through the use of 1031 tax-free exchange transactions.

Statistics:

• The Delray Beach storage facility acquisition cost $26.5 million.
• The acquired facility has 907 units and 81,370 square feet of space.
• The acquisition represents the fourth self-storage property purchase by Silver Star Properties REIT.
• The Company's pivot strategy involves utilizing 1031 tax-free exchange transactions to minimize tax costs.
• The acquisition was completed on July 19, 2024.

Sources:

• Press Release, Silver Star Properties REIT, Inc. (July 25, 2024)
• Silver Star Properties REIT, Inc., SOURCE, ( press@silverstarreit.com, 1-877-734-8876)