Inland Private Capital Corporation, a privately held alternative investment management firm and a member of The Inland Real Estate Group of Companies Inc., and Devon Self Storage Holdings (US) LLC, a privately held national storage operator and developer, announced the delivery of a 731-unit self-storage property located in Springfield, Missouri.
The opening marks the ninth self-storage redevelopment delivery on behalf of an affiliate of IPC.
Located within close proximity to downtown Springfield and Missouri State University’s campus, the former newspaper processing facility was converted into approximately 81,500 square feet of class-A self-storage facility. IPC says approximately 75% of the units offer climate-controlled space, with an interior drive through lane and management office.
“We are thrilled to deliver another self-storage development on behalf of our qualified opportunity zone fund investors,” commented Keith Lampi, president and chief executive officer of IPC. “The delivery further expands our already significant presence throughout the Midwest and underscores our commitment to the storage sector which continues to demonstrate resilience in the face of market volatility.”
To date, IPC’s self-storage portfolio includes 179 properties across 30 states. On average, assets in the company’s portfolio of self-storage assets are approximately 82% occupied.
Inland Private Capital specializes in offering multiple-owner, tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. Since inception, IPC has monetized approximately $3.9 billion in full-cycle transactions on behalf of its investors. Currently, the company manages a portfolio of more than $12.2 billion across several asset classes spanning 43 states.