Sterling Group, a real estate company specializing in self-storage, has promoted Lance Swank from president to CEO, effective immediately. He’ll succeed company founder Larry Swank Sr., who’ll maintain his position as chairman of the board. Swank will oversee the company’s construction, development, investments and management, according to a press release.

Swank joined the firm in 1983 after graduating from DePauw University. As president, he led Sterling through exponential growth of the self-storage division, expansion into new markets through development and acquisitions, and entry into the senior-living space. He’s held board positions with DePauw University, Indiana Apartment Association, Indiana Builders Association, National Association of Home Builders and National Multifamily Housing Council.

“It’s been a joy to watch Lance grow into the leader he is today. He is a visionary, and his diligent financial acumen will drive our strategic growth into the next generation,” said Swank Sr. “Lance often says our greatest asset is our people, and that mentality will continue to provide profitable investment for our partners and clients.”

Founded in 1976, Sterling Group acquires, constructs, develops and manages investment real estate, specializing in multi-family apartment communities and self-storage. With properties in 14 states, it has more $2.3 billion assets owned and operated in 10,000 apartment units and 2 million square feet of self-storage.