Inland Private Capital Corporation (IPC) has closed two qualified opportunity zone (QOZ) offerings, Self-Storage Qualified Opportunity Fund, L.L.C. and Self-Storage Qualified Opportunity Fund II, L.L.C., 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 state-of-the-art 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, one of the country’s most experienced and prominent self-storage developers and operators.
Self-Storage Qualified Opportunity Fund, L.L.C. has closed on a total of nine properties, located in Georgia, Michigan, Missouri, New Jersey, Pennsylvania and Wisconsin. The funds have 12 additional properties in their acquisition pipelines, which will complete the capital-deployment phase of both funds.
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