In a recent announcement, The Inland Real Estate Group of Companies, Inc. revealed their acquisition of a majority interest in Devon Self Storage Holdings (US) LLC. This move solidifies Inland’s position as one of the largest privately owned national self-storage operators with a $1.7-billion portfolio.
The deal will allow Inland to utilize Devon’s experienced senior management team and provide additional capital and infrastructure for future growth opportunities, including expanding Devon’s third-party management and development platform.
Currently managing 202 properties nationwide with over 109,000 units under its belt, Devon has been an industry leader since its establishment in 1988 by Ken Nitzberg. With over three decades of experience owning, managing or developing more than 350 self-storage facilities across the US and Europe.
Keith Lampi, President & CEO of Inland Private Capital Corporation stated that this partnership with Devon is crucial for their continued expansion in the self-storage sector as it allows them to create operational efficiencies through scale – an important factor as the sector becomes increasingly institutionalized.
Pictured: A Palm Springs property managed by Devon Self Storage.
