Devon Self Storage Posts 68% Portfolio Value Increase in ‘24
Devon Self Storage Holdings LLC, a member of The Inland Real Estate Group of Companies, Inc., saw a significant leap in the value of its portfolio in 2024, increasing 68% to nearly $2 billion from $1.16 billion in 2023.
Growth has been primarily driven by new builds and acquisitions, adding 78 self-storage assets across 32 states. This expansion increased their total to over 188 properties, significantly broadening their national footprint. Additionally, the company has expanded its national workforce by 122 employees.
Tony Chereso, CEO and president of The Inland Real Estate Group, commented on the exceptional realization of their growth strategy since acquiring majority ownership, emphasizing plans to carry this momentum into 2025 by growing into a dominant national brand, expanding third-party managed services, and increasing their pipeline for new developments and construction conversions.
“Inland remains committed to providing additional capital and infrastructure necessary to further innovate and do what we do best – acquire, redevelop and operate high quality self-storage properties,” added Matthew Tice, co-CEO of Devon and SVP of Inland Real Estate Acquisitions, LLC.