Home Alts News Inland Private Opens OZ Self-Storage Development in Pennsylvania

Inland Private Opens OZ Self-Storage Development in Pennsylvania

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Inland Private Capital Corporation, a sponsor of securitized 1031 exchange and qualified opportunity zone funds, together with Devon Self Storage Holdings (US) LLC, a privately held national storage operator and developer, announced the opening of their latest self-storage conversion located in Allentown, Pennsylvania.

The opening marks the third delivery on behalf of Self-Storage Qualified Opportunity Fund LLC, an Inland Private-sponsored qualified opportunity fund.

The 91,787-square-foot facility was previously home to K-Mart and acquired in September of 2021. Phase I of the completed conversion features 57,287 square feet of rentable, climate-controlled space served by an interior drive through.

Phase II, which Inland Private says is scheduled to be completed by April 2023, will include an additional 34,500 square feet of rentable space with exterior drive-up access. Upon completion, the property is expected to provide 769 drive-in and traditional drive-up units to Allentown and the surrounding communities.

The property is one of 10 self-storage redevelopment projects being developed on behalf of Self-Storage Qualified Opportunity Fund LLC.

“Our strategic partnership with Devon began in 2020 and has been a key contributor to IPC’s $1.63 billion in assets under management,” commented Keith Lampi, president and chief executive officer of IPC. “Allentown is our third redevelopment delivered on behalf of this fund, and we continue to advance on the remaining seven identified conversions, with scheduled delivery dates to occur throughout 2023.”

To date, Inland Private’s self-storage portfolio includes 173 properties across 29 states. On average, assets in Inland Private’s stabilized portfolio of self-storage assets are approximately 88% 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 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.

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