Inland Private Capital Corporation, together with its joint venture partner Devon Self Storage Holdings (US) LLC, opened a 765-unit self-storage property in Racine, Wisconsin.
The opening marks the latest delivery on behalf of Self-Storage Qualified Opportunity Fund, L.L.C., an IPC-sponsored Qualified Opportunity Fund.
The vacant building, previously occupied by a moving company, was acquired in November of 2021 and in less than 12 months was redeveloped into an 80,655-square-foot self-storage facility. The Racine market remains undersupplied, which positions the asset well as it moves into the lease-up and operational phase of the development.
The Racine asset is one of 10 self-storage redevelopment projects being developed on behalf of Self-Storage Qualified Opportunity Fund, L.L.C., and is the second to be delivered. The first is a 967-unit facility located in Grand Rapids, which was delivered in June of 2021.
To date, IPC’s self-storage portfolio includes 172 properties across 29 states. On average, stabilized self-storage assets are approximately 88 percent occupied.
