Silver Star Properties REIT, a self-managed real estate investment trust that is repositioning into the self-storage and single-tenant real estate assets, announced the acquisition of a 907-unit, 81,370-square-foot, class-A facility in Delray Beach, Fla.
The Delray Beach storage facility was acquired at a cost of $26.5 million from an unrelated third party. It is an identified replacement property for previously sold legacy assets to further the company’s pivot strategy and utilization of 1031 tax-free exchange transactions with a goal of eliminating or minimizing tax cost.