Inland’s ALT REIT Buys Two Wisconsin Self-Storage Facilities for $32.2 Million
IPC Alternative Real Estate Income Trust Inc., or ALT REIT, a nontraded real estate investment trust sponsored by Inland, has bought two self-storage facilities in Wisconsin for about $32.2 million, the company said.
The facilities are in Pleasant Prairie and West Bend. Together they have 1,492 storage units and 175,725 square feet. With the purchase, ALT REIT now owns 37 assets in 13 states across the healthcare, student housing, and self-storage sectors. The company said the portfolio has a total estimated property value of $451 million.
The 748-unit Pleasant Prairie facility opened in 2020. It is a two-story, fully climate-controlled building with 93,650 rentable square feet, and the company said units could be added on the mezzanine level. Pleasant Prairie sits between Milwaukee and Chicago. ALT REIT said major nearby employers include Uline, Meijer, and a Kroger Co. fulfillment center.
The 744-unit West Bend facility opened in 2019. It is also a two-story, climate-controlled building, with 82,075 rentable square feet. West Bend is home to West Bend Mutual Insurance Co.’s headquarters, and Inland said the area also has several healthcare and manufacturing employers.
“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,” said Denise Kramer, chief executive officer of ALT REIT. “These Wisconsin properties align with our strategy of investing in alternative real estate sectors.”
Both facilities were previously Extra Space Storage properties. They will be rebranded and run by Devon Self Storage, which has been part of The Inland Real Estate Group of Companies since 2024. Devon manages more than 200 facilities across the country.
The purchase expands ALT REIT’s self-storage holdings. AltsWire reported in April that as of March 31 the REIT held $418 million in real estate across 35 properties, most of them healthcare properties. At the time, it reported about $142.1 million in total net asset value, up 0.86% from February.
ALT REIT entered self-storage in April 2024, when it acquired an affiliated Delaware statutory trust, Self-Storage Portfolio V DST, for $25.5 million. That deal brought in four facilities in the Atlanta and Montgomery, Ala., areas.
Kramer became CEO in October 2025, succeeding Keith Lampi. She had been the REIT’s chief operating officer and lead portfolio manager. ALT REIT launched in October 2023 and is offering up to $1.25 billion in common stock.
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