Invesco Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased six properties in the student housing, industrial and self-storage sectors for approximately $165 million, bringing the gross assets of the portfolio to more than $500 million.
“There is strong demand and a favorable outlook for student housing, industrial and self-storage, and we believe these sectors will continue to perform well,” said R. Scott Dennis, president and chief executive officer.
The REIT purchased a 98 percent interest in Bixby Kennesaw, a five-story, 179-unit (656-beds) student housing facility developed in 2020 and located at Kennesaw State University in Georgia. The property is 100 percent pre-leased for the 2021 academic year and it is located south of campus, adjacent to the football stadium.
Invesco REIT also purchased a 95 percent interest in an industrial property located in Meridian Business Park in the greater Chicago area, which is home to more than 40 national and local companies. Built in 1998, the 257,500-square-foot facility is 100 percent leased and was purchased as part of a joint venture with real estate firm, Trident Capital Group.
For its self-storage acquisitions, the REIT purchased a 67,000-square-foot facility located in Houston, Texas with 609 units and five parking spaces. Originally built in 2002, the facility is currently 96.4 percent occupied.
The REIT also acquired three single-story self-storage properties located throughout Salem, Oregon, totaling 239,800 square feet across 1,698 units along with 224 RV/boat parking spots.
Both self-storage transactions are part of an ongoing partnership with Westport Properties, a privately held real estate investment company.
Invesco Real Estate Income Trust launched its $3 billion public offering in late May 2021 and has raised $26.1 million in investor equity. As of August 31, 2021, the REIT had an aggregate NAV of $188.7 million.