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Inland ALT REIT Acquires Self-Storage Portfolio
IPC Alternative Real Estate Income Trust, Inc., a publicly registered perpetual-life NAV entity focused on alternative property sectors, announced its operating partnership, IPC Alternative Real Estate Operating Partnership, LP, closed on the acquisition of four self-storage properties.
Two of the properties are located in the Atlanta metropolitan area, and the other two are in Montgomery, Alabama. In total, the self-storage properties comprise 2,275 storage units, including 1,810 climate-controlled units, covering 250,610 square feet.
The Operating Partnership acquired the properties through the acquisition of 100% of the beneficial interests in Self-Storage Portfolio V DST, sponsored by Oak Brook, Illinois-based Inland Private Capital Corporation.
The aggregate purchase price was $25.5 million, which is equal to the independently appraised value of the properties performed by a real estate valuation firm, less approximately $17.7 million in indebtedness secured by the properties.
