Invesco Real Estate Income Trust Acquires Two Self-Storage Portfolios
The REIT has purchased five self-storage assets, bringing its sector portfolio to total more than $128 million.
CLARKSVILLE, TN – Invesco Real Estate Income Trust Inc. has acquired two self-storage portfolios for a combined total of $42 million.
The portfolios comprise five properties located in Bend, OR and Clarksville, TN.
The acquisitions bring INREIT’s self-storage portfolio to total more than $128 million. The two transactions represent the REIT’s fourth and fifth acquisitions within the sector.
“Self-storage continues to be a strategic sector for INREIT given the ability to increase cash flow relatively quickly,” says R. Scott Dennis, president and CEO of INREIT. “These properties exhibit strong demand and are well-located in their respective markets. We look forward to providing quality self-storage solutions for the growing populations in Bend and Clarksville.”
The Bend, OR portfolio features two single-story, drive-up self-storage properties that total 62,805 square feet and 674 units. The properties include a 98.7% occupied, 49,523-square-foot, 550-unit property at 20230 Powers Rd., and a 100% occupied, 13,282-square-foot, 124-unit facility at 345 Cleveland Ave.
The Clarksville, TN portfolio features three single-story, drive-up self-storage properties that total 204,425 square feet across 1,347 units. The properties include a 95.6% occupied, 67,350-square-foot, 505-unit facility at 1280 Parkway Place; a 96.6% occupied, 80,275-square-foot, 471-unit facility at 4351 Guthrie Hwy. near recently built Google and LG facilities; and a 97.8% occupied, 56,800-square-foot, 371-unit facility at 117 Old Excell Rd.