Inland developing self-storage businesses

OAK BROOK - Inland Private Capital Corp. has created two investment funds to raise $252 million for the development of self-storage businesses.

oration Successfully Closes Two Self-Storage QOZ Conversion Funds with $252 Million in Investor Equity

The capital raised by the two funds is being used to acquire, redevelop and convert existing properties into state-of-the-art self-storage facilities located in high density, underserved markets, the company said. To execute this strategy, the funds entered into a strategic relationship with Devon Self Storage Holdings LLC, one of the country's most experienced and prominent self-storage developers and operators.

The funds are named Self-Storage Qualified Opportunity Fund LLC and Self-Storage Qualified Opportunity Fund II LLC.

The first fund has closed on a total of nine properties, located in Georgia, Michigan, Missouri, New Jersey, Pennsylvania and Wisconsin. The funds together have 12 additional properties in their acquisition pipelines, which will complete the capital deployment phase of both funds, Inland said.

"Inland Real Estate Acquisitions, LLC and Devon have been incredibly successful at uncovering high quality, undervalued real estate opportunities," said Keith Lampi, president and chief operating officer of Inland Private Capital. "The dislocation that has occurred in sectors such as big-box retail presents an opportunity to re-imagine and repurpose existing properties, with the dual objectives of creating an economic benefit to the communities that these properties serve, and providing the potential for attractive risk-adjusted returns to investors."