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Inland Private Completes Development of Michigan Self-Storage Property

Inland Private Completes Development of Michigan Self-Storage Property. Alternative investments, Inland, Inland Private, Inland Private Capital Corporation, INVEST, investment, investors, IPC
Inland Private Completes Development of Michigan Self-Storage Property. Alternative investments, Inland, Inland Private, Inland Private Capital Corporation, INVEST, investment, investors, IPC

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 LLC, a privately held national storage operator and developer, announced the delivery of an 807-unit self-storage property located in Warren, Michigan, approximately 13 miles north of downtown Detroit.

The opening marks the eighth self-storage redevelopment delivery on behalf of an affiliate of Inland Private.

Located off Interstate 696, the former 94,000-square-foot vacant manufacturing facility was converted into an 87,000-square-foot, state-of-the-art self-storage facility. Approximately 75% of the units offer climate-controlled space, with an interior drive through lane and management office. The parking area and unimproved land will be converted to exterior non-climate-controlled space, which is expected to be delivered in late 2023.

“The self-storage sector continues to deliver and remains a high conviction strategy for our investment platform,” commented Keith Lampi, president and chief executive officer of IPC. “The resilience the sector continues to demonstrate is directly tied to the durability of its tenant demand, which we believe will drive the performance outlook for the storage sector on a go forward basis.”

To date, Inland Private’s self-storage portfolio includes 178 properties across 30 states. On average, assets in Inland Private’s stabilized portfolio of self-storage assets are approximately 84% occupied.

As The DI Wire reported earlier this week, the company also announced the sale of three multifamily communities in Milwaukee and Brookfield, Wisconsin.

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, Inland Private 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.

For more Inland Private Capital news, please visit their directory page.