Invesco Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, has purchased a 52,300-square-foot, 491-unit self-storage facility at 3975 University Parkway in Winston-Salem, North Carolina. This investment is a continuation of Invesco REIT’s self-storage acquisition strategy, while increasing its portfolio’s geographic diversification in the Southeastern United States.
The climate-controlled facility was developed in 2008 and is located less than 1.5 miles from Wake Forest University. The property is 99.1 percent leased.
Winston-Salem’s population is growing, and the region is the headquarters to corporations including Hanes Brands, Krispy Kreme Doughnuts, and Lowes Foods.
“In today’s capital market environment, self-storage assets with strong demand fundamentals are attractive investments that provide monthly mark-to-market opportunities to offset inflationary impacts,” said R. Scott Dennis, president and chief executive officer for the Dallas, Texas-based Invesco Real Estate Income Trust. “Self-storage is a resilient sector through economic cycles and we’re pleased to acquire this desirable property.”
The self-storage acquisition is Invesco REIT’s third, bringing its self-storage portfolio to more than $75 million.
Invesco Real Estate Income Trust invests in stabilized commercial real estate in the United States and intends to diversify globally. The REIT launched its public offering in late May 2021, which consists of up to $2.4 billion in shares of common stock and up to $600 million through the distribution reinvestment plan. It has raised $58.5 million in the primary offering, and as of November 30, 2021, had an aggregate NAV of $288 million.
Invesco REIT initially commenced operations in September 2020 via a $400 million private placement offering of Class N shares and sold nearly 6.3 million shares for approximately $164.3 million.