Real estate investment manager Inland Private Capital Corporation and Devon Self Storage – both of which are members of The Inland Real Estate Group of Companies Inc. – have completed construction on an 85,300-square-foot self-storage facility in Lubbock, Texas.
This is the third Inland Private Capital-Devon project delivered in a five-property fund entirely comprised of self-storage assets in diverse markets throughout the nation. IPC Self-Storage Redevelopment Fund L.L.C. closed earlier this month after launching in November 2022 and raising $100 million from accredited investors.
“We are pleased to introduce this new self-storage option in the rapidly growing ‘Hub City’ area, ideally located within close proximity to Texas Tech University and many other municipal, corporate and manufacturing employers,” said Kenneth E. Nitzberg, co-chief executive officer of Devon. “This state-of-the-art facility combines high-quality amenities with average unit sizes of approximately 100 square feet to meet the needs of both individuals and businesses.”
Located at 2010 Avenue R and formerly an AT&T Processing Center, the property offers four stories with two elevators for easy access to 844 climate-controlled self-storage units, according to Inland Private Capital. The facility also features a management office, exterior staging area allowing controlled access to elevators on each floor, drive-up unit capability, and a 24-hour security system.
“Given the city’s projected population growth, the demand for essential, secure storage solutions has never been higher,” said Keith Lampi, CEO and president of Inland Private Capital. “We look forward to serving the Lubbock community and continue our collaboration with Devon to bring top-tier self-storage properties to market.”
Other fund storage facilities opened in Wisconsin and Pennsylvania in July 2023 and March 2024, respectively. The remaining assets – in Fraser and Southfield, Mich. – are expected to open in the first quarter of 2025.
According to Inland Private Capital, its self-storage portfolio spans more than $1.7 billion in assets under management. Devon currently manages 191 properties for approximately a dozen property owners across the nation.
Headquartered in Oak Brook, Ill., Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments including qualified opportunity zone investments throughout the United States. Since inception, it has monetized more than $4.7 billion in full-cycle transactions on behalf of its investors and currently manages a diverse portfolio of more than $12.3 billion across several asset classes spanning 43 states.
Inland Private Capital Corporation is a member company of alternative investment management firm, The Inland Real Estate Group of Companies Inc. As of June 30, 2024, the firm had sponsored 317 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors.
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