Inland Private Capital, Devon Self Storage Form Strategic Partnership

The two companies are planning to redevelop and operate assets in Qualified Opportunity Zones across the nation.
Inland Private Capital facility managed by Devon Self Storage in Palm Springs, Ca. Image courtesy of Inland Private Capital Corp.

More than four years after entering the self storage space, Inland Private Capital Corp. continues to expand its platform across the U.S. by forming a strategic relationship with Devon Self Storage to redevelop and operate self storage properties in Qualified Opportunity Zones.


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IPC, which launched its self storage platform in January 2016 with a strategic relationship with Metro Storage LLC, has rapidly scaled its portfolio to more than $740 million in assets under management. The Oak Brook, Ill.-based alternative investment management firm grew the platform through five different strategic relationships, including Metro, to a current footprint of 124 properties and more than 59,000 units across 15 states. The company noted it has worked with both private and public companies.

Long-term partnership

Devon, which began working with IPC in 2018, has been a key contributor to the growth and currently manages 24 self storage properties in the IPC portfolio. One of the top private self storage operators in the U.S., Devon has been involved in more than $2.5 billion in self storage transactions. The company, headquartered in Emeryville, Calif., has owned, developed and managed more than 180 facilities in 24 states and three European countries. Over the years, Devon has partnered with several prominent institutional investment firms. It currently operates 45 facilities in 15 states.

Kenneth Nitzberg, Devon chairman & CEO, said in a prepared statement the relationship the company has had with IPC and Inland’s acquisitions team provides an opportunity to maximize its strengths, including identifying acquisition opportunities, implementing redevelopment strategies and efficiently operating high-quality properties.

Keith Lampi, president & COO of IPC, noted in prepared remarks the self storage sector has proven its resiliency even during economically challenging times, adding the storage sector’s adaptability and lower correlated economic demand drivers position it well to achieve risk-adjusted returns. He said IPC was excited to expand its partnership with Devon to access development opportunities.

 IPC specializes in offering multiple-owner, tax-focused private placement investments as well as QOZ investments throughout the U.S. The firm is managing a diverse portfolio of more than $8 billion across several asset classes in 43 states.