Invesco Real Estate Income Trust acquires two self-storage portfolios

Invesco Real Estate Income Trust (INREIT) has acquired two self-storage portfolios consisting of five properties located in Bend, Ore., and Clarksville, Tenn. The combined purchase price was $42 million, bringing INREIT’s self-storage portfolio to more than $128 million.

“Self-storage continues to be a strategic sector for INREIT given the ability to increase cash flow relatively quickly,” said R. Scott Dennis, president and CEO for INREIT. “These properties exhibit strong demand and are well-located in their respective markets. We look forward to providing quality self-storage solutions for the growing populations in Bend and Clarksville.”

The Bend Self-Storage Portfolio totals 62,805 square feet across 674 units. Both properties benefit from the greater Bend’s strong population and income demographics. One asset, located at 20230 Powers Road, is a 49,523-square-foot, 550-unit property in a commercial district, that is 98.7-percent occupied. The second, lo