Devon Announces Transformative 2024, 68% Increase in Portfolio Value

Posted by MSM on Mar 6, 2025 8:07:23 PM

Devon Self Storage Holdings LLC, one of the largest privately owned national self-storage operators, has announced a transformative 2024 with a 68% increase in portfolio value approaching $2 billion from 2023’s $1.16 billion. Driving this growth has been a robust expansion of the portfolio to over 188 stores expanding its national footprint to 32 states.

“Since acquiring majority ownership in Devon, the realization of our growth strategy has been exceptional,” commented Tony Chereso, CEO and president of The Inland Real Estate Group, LLC. “We look forward to carrying the momentum into 2025, growing Devon’s current portfolio into a dominate national brand, expanding our third-party managed services and increasing our pipeline of new development and construction conversions.”

Through new builds and acquisitions in 2024, Devon added 78 self-storage assets across 32 states. Devon has enlarged its national workforce by 122 employees to better serve the Company’s increasing size.

“Inland remains committed to providing additional capital and infrastructure necessary to further innovate and do what we do best - acquire, redevelop and operate high quality self-storage properties,” commented Matthew Tice, co-CEO of Devon and senior vice president of Inland Real Estate Acquisitions, LLC.

About Devon Self Storage

Devon Self Storage Holdings, LLC, one of the largest privately owned national self-storage developers and operators, manages over 188 properties. Founded in 1988 by Ken Nitzberg, and now a member of The Inland Real Estate Group of Companies, Inc., Devon has established itself as a leader in the self-storage industry having owned, managed, or developed more than 350 self-storage facilities in 32 states and three European countries. Inland and Devon are headquartered in Oak Brook, Illinois.

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