Inland Closes Self-Storage Redevelopment Focused Fund
Inland Private Capital Corporation (IPC) closed its private investment offering of IPC Self-Storage Redevelopment Fund, L.L.C., which consists of five self-storage redevelopment projects across Texas, Wisconsin, Michigan and Pennsylvania.
The portfolio includes properties that originally consisted of vacant open-footprint retail, industrial, office and other commercial use buildings that have been, or will be, redeveloped/converted into Class A self-storage facilities.
Once the facilities are redeveloped, they will be operated under the Devon Self Storage brand name.
The Wisconsin location, which is estimated to have 610 units, opened in July 2023, while the Pennsylvania site, which is estimated to have 870 units, opened in March. The Texas location, which opened in October, is expected to have 844 units. The two locations in Michigan will have a combined 1,567 units and are anticipated to open in the first quarter of 2025.
“We continue to have high conviction in the long-term outlook of the self-storage sector,” said Nati Kiferbaum, SVP – head of investment product strategy at Inland Private Capital Corporation. “The intersection between the growing amount of vacant commercial space in highly trafficked corridors and the strong feasibility for self-storage in undersupplied markets supports our investment thesis.”
IPC’s current self-storage portfolio spans more than $1.7 billion in assets under management. As of June 30, 2024, the portfolio was comprised of 182 properties across 30 states, totaling 97,120 units.
IPC specializes in offering multiple-owner, tax-focused, private placement investments including Qualified Opportunity Zone investments throughout the U.S. Since inception, IPC has monetized more than $4.7 billion in full-cycle transactions. Currently, IPC manages a portfolio of over $12.3 billion across several asset classes spanning 43 states.
Last week, IPC announced it completed a more than $37 million capital raise for the private investment offering of IPC Self-Storage Portfolio XXI DST. The DST owns two self-storage properties totaling 1,618 units in New Jersey and Wisconsin. The properties operate under the Devon Self Storage brand name.
