Devon Self Storage has partnered with investment-management firm Inland Private Capital Corp. (IPC) to redevelop and operate storage properties in Qualified Opportunity Zones (QOZs) nationwide. The companies will leverage their existing relationship, in which Devon manages several self-storage facilities in IPC’s portfolio, according to a press release.
IPC has been actively scaling its self-storage interests through five strategic relationships, amassing a portfolio of 124 properties across 15 states. It has more than $740 million in self-storage assets under management, the release stated.
“Devon’s relationship with IPC and [its] acquisitions team provides a great opportunity to maximize our strengths in what we do best and have done for 27 years—identify unique acquisition opportunities, implement a redevelopment strategy and efficiently operate high-quality self-storage properties,” said Kenneth Nitzberg, Devon’s chairman and CEO.
“We are absolutely thrilled to expand our partnership with Devon to access development opportunities in a sector that has proven its resiliency, even during economically challenging times,” added Keith Lampi, president and chief operating officer of IPC. “We believe the self-storage sector’s adaptability and lower correlated economic demand drivers position it well to achieve risk-adjusted returns.”
Headquartered in Emeryville, Calif., Devon operates 45 facilities across 15 states. Its portfolio comprises more than 2.7 million net rentable square feet.
Based in Oak Brook, Ill., IPC is a sponsor of real estate securities and a part of the Inland Real Estate Group of Cos. Inc., which is comprised of independent legal entities. The company specializes in offering multiple-owner, tax-focused, private-placement investments as well as QOZ investments nationwide. It manages a diverse portfolio of more than $8 billion across several asset classes spanning 43 states.