Inland Real Estate Corporation
IPC Alternative Real Estate Income Trust, Inc. (“ALT REIT” or the “Company”), a publicly registered perpetual-life NAV entity focused on alternative property sectors, announced today that its operating partnership, IPC Alternative Real Estate Operating Partnership, LP (the “Operating Partnership”), closed on the acquisition of four self-storage properties, two of which are located in the Atlanta, Georgia metropolitan area, and two of which are located in Montgomery, Alabama. In total, the self-storage properties are comprised of 2,275 storage units, including 1,810 climate-controlled units, that encompass 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 (the “Trust”), a Delaware statutory trust sponsored by Inland Private Capital Corporation. The aggregate purchase price was approximately $25.5 million, which is equal to the independently appraised value of the properties performed by a nationally recognized real estate valuation firm, less approximately $17.7 million in indebtedness secured by the properties. The property appraisals performed by the nationally recognized real estate valuation firm were independently reviewed by Plante Moran, and the Company’s independent directors separately engaged Robert A. Stanger & Co., Inc. to review the value ascribed to the properties.
Each investor in the Trust was given the opportunity to receive either cash or a number of limited partnership interests in the Operating Partnership in connection with the transaction.
“The acquisition was significant as it marks the Company’s strategic entry into the self-storage sector, which is one of its primary investment targets with a focus on alternative real estate sectors,” said Keith Lampi, chief executive officer of the Company.
This latest acquisition brings the Operating Partnership’s portfolio to 35 assets in the healthcare, student housing and self-storage sectors, in 12 states and with a total estimated property value of $410.9 million.
About IPC Alternative Real Estate Income Trust, Inc.
IPC Alternative Real Estate Income Trust, Inc. (ALT REIT) is a public, non-listed, monthly-valued, perpetual-life entity focused on alternative sectors. ALT REIT intends to qualify as a real estate investment trust (REIT). As of December 31, 2023, ALT REIT’s operating partnership owned 30 medical office building properties totaling 746,601 square feet and one student housing property with 406 student housing beds. The properties are located in 10 states. For more information, please visit ipcaltreit.com.
About Inland Private Capital Corporation
Inland Private Capital Corporation (IPC), headquartered in Oak Brook, IL, is a member company of The Inland Real Estate Group of Companies, Inc., an industry-leading alternative investment management firm, with an investment focus spanning across a broad range of asset types. As of December 31, 2023, the firm had sponsored 313 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. Many of IPC’s offerings have been designed for investors seeking replacement property to complete an IRS Section 1031 exchange. IPC is recognized as a leading provider of securitized 1031 exchange opportunities, with assets under management (AUM) of more than $12.2 billion, which includes a diverse national footprint of properties, spanning 43 states across various sectors. Past performance is not indicative of future performance.
Forward Looking Statements
This press release may contain forward-looking statements with respect to IPC Alternative Real Estate Investment Trust, Inc. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
Alyssa Campbell
Director of Media Relations
Phone: 630-218-2887
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