Inland Private Capital Corporation (IPC) announced the closing of two Qualified Opportunity Zone (QOZ) offerings, Self-Storage Qualified Opportunity Fund, LLC and Self-Storage Qualified Opportunity Fund II, LLC after raising more than $252 million from investors.
The capital raised by both Funds is being used to acquire, redevelop and convert existing properties into self-storage facilities located in high density, underserved markets. To execute this strategy, the Funds entered into a strategic relationship with Devon Self Storage Holdings (US) LLC.
Self-Storage Qualified Opportunity Fund, LLC 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.
IPC’s national self-storage footprint has rapidly grown to a portfolio of 153 properties, 73,414 storage units and more than $1.2 billion in assets under management across the United States as of December 31, 2021. IPC experienced net growth in self-storage assets under management even after taking into account its 34-property, $265 million portfolio liquidity event, completed on behalf of three of its Delaware statutory trust sponsored programs during the fourth quarter of 2021.
