Inland Private Completes Two Self-Storage Redevelopment Projects

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 a 799-unit self-storage property located in Macon, Georgia, and a 777-unit self-storage property located in Kenosha, Wisconsin.

The openings mark the fifth and sixth self-storage redevelopment deliveries on behalf of an affiliate of Inland Private.

Formerly Kmart locations, the single-story buildings were acquired in 2021 and redeveloped into state-of-the-art, climate-controlled self-storage facilities served by a drive through and on-site management offices. The Macon property also offers traditional drive-up non-climate-controlled storage units. These redeveloped facilities are ideally located with direct visibility and access along major thoroughfares to serve dense housing populations in Kenosha and Macon’s storage markets. Both markets also have renter-occupied households higher than national averages, which is typically indicative of self-storage demand.

“We are thrilled to increase our footprint within the storage sector, which remains a high conviction strategy for our broader investment platform,” commented Keith Lampi, president and chief executive officer of Inland Private. “The sector’s resilience has been on full display throughout this recent period of market volatility, and we expect its operating performance will continue to benefit from necessity-based tenant demand on a go-forward basis.”

To date, Inland Private Capital’s self-storage portfolio includes 176 open properties across 30 states. On average, assets in the company’s stabilized portfolio of self-storage assets are approximately 85% occupied.

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 $12.2 billion across several asset classes spanning 43 states.

As of Dec. 31, 2022, the firm had sponsored 305 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.

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