Inland ALT REIT Completes Acquistion of Four Self-Storage Properties

IPC Alternative Real Estate Income Trust, Inc. (ALT REIT), a publicly traded perpetual-life NAV entity focused on alternative property sectors, announced that its operating partnership, IPC Alternative Real Estate Operating Partnership, LP, completed the acquisition of four self-storage properties.

Two properties are in the Atlanta metropolitan area, and the other two are in Montgomery, AL. The properties consist of 2,275 storage units, including 1,810 climate-controlled units, totaling 250,610 square feet.

The operating partnership acquired the properties through the acquisition of 100% of the beneficial interests in Self-Storage Portfolio V DST, which is sponsored by Inland Private Capital Corporation. The aggregate purchase price was approximately $25.5 million, less approximately $17.7 million in indebtedness secured by the properties.

Each investor in the DST was given the chance to receive cash or limited partnership interests in the operating partnership in connection with the transaction.

“The acquisition was significant as it marks the company’s strategic entry into the self-storage sector, which is one of its primary investment targets with a focus on alternative real estate sectors,” said Keith Lampi, IPC President and CEO.

This acquisition expands the operating partnership’s portfolio to 35 assets in the healthcare, student housing, and self-storage sectors across 12 states, with a total estimated property value of $410.9 million.