Invesco REIT Buys Two Self-Storage Portfolios
Invesco Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, has purchased two self-storage portfolios comprised of five properties located in Bend, Oregon and Clarksville, Tennessee.
Invesco Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, has purchased two self-storage portfolios comprised of five properties located in Bend, Oregon and Clarksville, Tennessee. The combined purchase price was $42 million, bringing the REIT’s self-storage portfolio to more than $128 million.
These investments mark the fourth and fifth self-storage transactions for the REIT, which continues to scale in the sector across growth markets nationally, the company said.
“Self-storage continues to be a strategic sector for [Invesco REIT] given the ability to increase cash flow relatively quickly,” said R. Scott Dennis, president and chief executive officer. “These properties exhibit strong demand and are well-located in their respective markets…”
Bend Self-Storage Portfolio
Invesco REIT purchased two single-story, drive-up self-storage properties located within one mile of each other in Bend, Oregon, totaling 62,800 square feet across 674 units.
- 20230 Powers Road is a 49,500-square-foot, 550-unit property located in a commercial district. The facility is 98.7 percent occupied.
- 345 Cleveland Avenue is a 13,300-square-foot, 124-unit facility located in the commercial district within close proximity to a multifamily complex. The facility is 100 percent occupied.
Clarksville Self-Storage Portfolio
The REIT purchased three single-story, drive-up self-storage properties totaling 204,400 square feet across 1,347 units.
- 1280 Parkway Place is a 67,400-square-foot, 505-unit facility located in a residential area with a strong military presence. The facility is 95.6 percent occupied.
- 4351 Guthrie Highway is an 80,300-square-foot, 471-unit facility located close to the Kentucky border and within close proximity to recently built Google and LG facilities. The facility is 96.6 percent occupied.
- 117 Old Excell Road is a 56,800-square-foot, 371-unit facility located near new residential developments with strong military presence. The facility is 97.8 percent occupied.
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 $75.3 million in the primary offering, and as of May 31, 2022, had an aggregate NAV of $524.8 million.
Invesco REIT initially commenced operations in September 2020 via a private placement offering of Class N shares and sold nearly 6.3 million shares for approximately $465.4 million.
