Inland Private Capital Subscribes Self-Storage Redevelopment-Focused Fund

Real estate investment manager Inland Private Capital Corporation announced the close of the private investment offering of IPC Self-Storage Redevelopment Fund L.L.C. The offering launched in November 2022 intended to raise $100 million from accredited investors.

The fund consists of five self-storage redevelopment projects geographically diversified across Michigan, Pennsylvania, Texas, and Wisconsin. The portfolio of projects 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 state-of-the-art, Class A self-storage facilities. The projects are:

• A 610-storage unit facility in Eau Claire, Wis., opened in July 2023;
• An 870-storage unit facility in North York, Penn., opened in March 2024;
• An 844-storage unit facility in Lubbock, Texas, opened in October 2024;
• An approximate 787-storage unit facility in Fraser, Mich., to open in the first quarter of 2025; and
• A 780-storage unit facility in Southfield, Mich., to open in Q1 2025.

Once the facilities are redeveloped, they will be operated under the Devon Self Storage brand name. Founded in 1988 by Ken Nitzberg and now a member of The Inland Real Estate Group of Companies Inc., Devon Self Storage currently manages over 183 properties and has developed more than 350 self-storage facilities in 36 states and three European countries.

“We continue to have high conviction in the long-term outlook of the self-storage sector,” said Nati Kiferbaum, senior vice president, 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.”

Inland Private Capital’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.

Last week, Inland Private Capital completed a $37 million-plus capital raise for the private investment offering of IPC Self-Storage Portfolio XXI DST. The offering, filed in June 2024, was fully subscribed by investors and closed. The DST owns two self-storage properties totaling 1,618 units located in New Jersey and Wisconsin. The properties also operate under the Devon Self Storage brand name and were purchased for an undisclosed price.

Headquartered in Oak Brook, Ill., Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments including qualified opportunity zone investments throughout the United States. Since inception, it has monetized more than $4.7 billion in full-cycle transactions on behalf of its investors and currently manages a diverse portfolio of more than $12.3 billion across several asset classes spanning 43 states.

Inland Private Capital Corporation is a member company of alternative investment management firm, The Inland Real Estate Group of Companies Inc. As of June 30, 2024, the firm had sponsored 317 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors.

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