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Sovran Self Storage, Inc. (NYSE:SSS) said May 19 that it has agreed to buy LifeStorage, LP, a privately owned self-storage operator, for approximately $ 1.3 billion in cash.
Sovran operates more than 550 self-storage facilities in 26 states under the name Uncle Bob’s Self Storage.
Doug Bibby, president of the National Multifamily Housing Council (NMHC), joined REIT.com for a video interview to discuss research on the economic impact of the apartment industry in the United States.
The NMHC published a report this year indicating that the apartment industry contributes $ 1.3 trillion in economic activity to the U.S. economy every year, which translates into 12 million jobs. That total includes $ 100 billion in construction spending, $ 190 billion in operating apartment communities and $ 1 trillion in resident spending.
