Inland ALT REIT Acquires Two Wisconsin Self-Storage Facilities
The Inland-owned Devon Self Storage will rebrand and manage the two former Extra Space facilities, which push ALT REIT to 37 assets across 13 states.
September 21, 2026
OAK BROOK, Ill. (September 21, 2026) – IPC Alternative Real Estate Income Trust, Inc. (“ALT REIT” or the “Company”), a public, non-listed, monthly-valued, perpetual-life real estate investment trust focused on demographic-driven property sectors, announced today the acquisition of two self-storage facilities in Pleasant Prairie and West Bend, Wisconsin, totaling 1,492 storage units, encompassing 175,725 square feet, for an aggregate purchase price of approximately $32.2 million.
The 748-unit Pleasant Prairie property is comprised of 93,650 rentable square feet. Opened in 2020, with the opportunity for a value-add expansion of additional units to the mezzanine level, the two-story building consists entirely of climate-controlled long-term and short-term rental units with features including electronic gate access, security system, elevators, a covered heated loading dock for large trucks, and customer push carts. Pleasant Prairie is located between Milwaukee and Chicago with strong residential continuity and one of southeastern Wisconsin’s largest employment hubs, supported by major employers including Uline, Meijer, Fair Oaks Foods, Gordon Food Service, Good Foods Group, Rust-Oleum, the Kroger Co. Fulfillment Center and Shiloh Industries.
The 744-unit West Bend property encompasses 82,075 rentable square feet. Opened in 2019, the two-story building is comprised of climate-controlled units, wide-drive aisles to accommodate moving trucks, loading dock for large trucks, elevators, extended hours, and a security system. West Bend is the headquarters of West Bend Mutual Insurance Company as well as numerous healthcare employers and manufacturing facilities.
“The addition of these two high-quality self-storage facilities marks an important step in expanding ALT REIT’s portfolio to be 16 percent self storage,” said Denise Kramer, chief executive officer of IPC Alternative Real Estate Income Trust, Inc. “Self storage is a resilient and highly fragmented asset class with strong fundamentals, attractive demand drivers, and the potential to provide stable income across market cycles. These Wisconsin properties align with our strategy of investing in alternative real estate sectors.”
Previously ExtraSpace Self Storage properties, the facilities will be rebranded and fully managed by Devon Self Storage (“Devon”), a member of The Inland Real Estate Group of Companies, Inc., on behalf of ALT REIT.
This latest acquisition brings the ALT REIT portfolio to 37 assets in the healthcare, student housing and self-storage sectors, in 13 states and with a total estimated property value of $451 million.
Devon currently manages more than 200 facilities across the country.
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 real estate investment trust focused on alternative sectors. As of June 30, 2026, ALT REIT owned 30 medical outpatient properties totaling 746,601 square feet, four self-storage properties totaling 250,755 square feet and one student housing property with 406 student housing beds. The properties owned as of June 30, 2026 are located in 12 states. For more information, please visit ipcaltreit.com.
About Devon Self Storage
Devon Self Storage is one of the largest privately owned self storage developers and operators in the United States, managing more than 200 properties totaling over 11 million square feet across 32 states. Founded in 1988, Devon became part of The Inland Real Estate Group of Companies, Inc. in 2024 and is widely recognized for its operational excellence and disciplined strategic growth. Both Inland and Devon are headquartered in Oak Brook, IL.
For more information on Devon Self Storage, please visit www.devonselfstorage.com.
For more information on The Inland Real Estate Group of Companies, Inc., please visit www.inlandgroup.com.
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.
