IPC Alternative Real Estate Income Trust Acquires Two Wisconsin Self-Storage Facilities for $32.2 Million

OAK BROOK, Ill. — IPC Alternative Real Estate Income Trust, Inc. has acquired two self-storage facilities in Wisconsin for an aggregate purchase price of approximately $32.2 million, the company announced Sept. 21, 2026. The transaction adds 1,492 storage units encompassing 175,725 rentable square feet to the portfolio, with Devon Self Storage assuming management and rebranding responsibilities at both locations.

The two properties — one in Pleasant Prairie and one in West Bend — were previously operated under the Extra Space Storage brand. The acquisition brings ALT REIT's total portfolio to 37 assets across 13 states, with a total estimated property value of $451 million.

Portfolio Composition and Pricing

The $32.2 million transaction implies a purchase price of approximately $183 per rentable square foot and roughly $21,580 per unit across the two-property portfolio. Self storage now represents 16 percent of ALT REIT's holdings, which also span healthcare and student housing assets.

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 beds across 12 states.

"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."

Pleasant Prairie Facility: Climate-Controlled with Expansion Potential

The Pleasant Prairie property contributes 748 units across 93,650 rentable square feet. The two-story building opened in 2020 and consists entirely of climate-controlled long-term and short-term rental units. Amenities include electronic gate access, a security system, elevators, a covered heated loading dock for large trucks, and customer push carts.

The property offers an opportunity for a value-add expansion through the addition of units to the mezzanine level, providing a potential path to increased capacity beyond the current configuration.

Pleasant Prairie sits between Milwaukee and Chicago, in one of southeastern Wisconsin's largest employment corridors. Major employers in the area include Uline, Meijer, Fair Oaks Foods, Gordon Food Service, Good Foods Group, Rust-Oleum, the Kroger Co. Fulfillment Center, and Shiloh Industries. The concentration of large-scale warehouse and industrial employers, combined with growing residential communities, supports sustained demand for self-storage in the submarket.

West Bend Facility: Corporate and Healthcare Hub

The West Bend property adds 744 units across 82,075 rentable square feet. The two-story building, which opened in 2019, features climate-controlled units, wide drive aisles to accommodate moving trucks, a loading dock for large trucks, elevators, extended hours, and a security system.

West Bend serves as the headquarters of West Bend Mutual Insurance Company and is home to numerous healthcare employers and manufacturing facilities.

Devon Self Storage to Manage Both Properties

Devon Self Storage, a member of The Inland Real Estate Group of Companies, Inc., will rebrand and fully manage both facilities on behalf of ALT REIT. Devon currently manages more than 200 facilities totaling over 11 million square feet across 32 states. Founded in 1988, Devon became part of The Inland Real Estate Group of Companies in 2024.

Both Inland and Devon are headquartered in Oak Brook, Illinois.

IPC Alternative Real Estate Income Trust, Inc. is a public, non-listed, monthly-valued, perpetual-life real estate investment trust focused on demographic-driven property sectors. The company is headquartered in Oak Brook, Illinois.

Sources

Inland Group Press Release: Inland ALT REIT Acquires Two Wisconsin Self-Storage Facilities