Inland Private Completes Opportunity Zone Self-Storage Development
Inland Private Capital Corporation, a sponsor of securitized 1031 exchange programs, together with its joint venture partner Devon Self Storage Holdings (US) LLC, a privately held national storage operator and developer, announced the opening of a 765-unit self-storage property in an opportunity zone in Racine, Wisconsin.
The opening marks the latest delivery on behalf of Self-Storage Qualified Opportunity Fund LLC, an IPC-sponsored qualified opportunity fund.
The vacant building, previously occupied by a moving company, was acquired in November of 2021 and was redeveloped into an 80,655-square-foot self-storage facility.
The Racine asset is one of 10 self-storage redevelopment projects being developed on behalf of Self-Storage Qualified Opportunity Fund LLC and is the second to be delivered. The first is a 967-unit facility located in Grand Rapids, which was delivered in June of 2021.
“IPC and Devon’s strategic relationship to redevelop and operate self-storage properties located in underserved markets throughout the U.S. has rapidly scaled our self-storage footprint to more than $1.63 billion in assets under management, and more than 89,000 units,” said Keith Lampi, president and chief executive officer of IPC.
To date, IPC’s self-storage portfolio includes 172 properties across 29 states. According to the company, on average, stabilized self-storage assets are approximately 88% occupied.
“Self-storage has proven its recession-resiliency with strong fundamentals in occupancy and rent growth and favorable demand drivers,” said Nati Kiferbaum, senior vice president of investment product strategy. “Devon and IPC continue to uncover existing properties ripe for self-storage conversion creating an economic benefit to the communities that these properties serve and provide the potential for attractive risk-adjusted returns to investors.”
Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. Currently, it manages a portfolio of more than $12 billion across several asset classes spanning 43 states.
As of Sept. 30, 2022, the firm had sponsored 301 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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