Oak Brook, Illinois-based Inland Real Estate Group of Companies, Inc. will purchase a majority interest in the business of Devon Self Storage Holdings, one of the largest privately owned national self-storage operators.
Currently, Devon manages 202 properties and about 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed over its history more than 350 self-storage facilities in 27 states and three European countries.
Since entering the self-storage sector in 2016, Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states.
This acquisition allows Inland to leverage Devon’s existing senior management team which has been together for more than two decades, while at the same time providing additional capital and infrastructure necessary to further drive the going-forward platform’s innovation and expansion plans including growth of Devon’s third-party management and development platform.
