OAK BROOK, Ill.–(BUSINESS WIRE)–#1031exchange–Inland Private Capital Corporation (“IPC”) today announced the sale of a
portfolio of three upscale multifamily properties located in Colorado,
for a gross sale price of $206.5 million. IPC, through its subsidiary
which serves as asset manager, facilitated the sale of the properties on
behalf of Colorado Multifamily Portfolio DST, one of its 1031 investment
programs.
“The sale of these properties marks a successful and historic
transaction, as it is the industry’s largest securitized 1031 program to
go full-cycle,” said Keith Lampi, president and chief operating officer
of IPC. “This transaction provides liquidity to more than 240 investors,
which represents our industry’s progression toward institutional scale
and asset quality, while also underscoring the importance of proactive
asset management.”
Purchased in 2014, the portfolio consists of the Greens at Van de Water
and Lake Vista at Centerra Apartments, both in Loveland, Colorado, and
Arbour Square at Orchard Town Center in Westminster, Colorado.
The Greens at Van de Water is a 252-unit upscale multifamily community
located within Loveland’s Van de Water master-planned development. Lake
Vista at Centerra Apartments is a 303-unit Class A luxury community
located in the center of the award-winning Centerra master plan
community. Arbour Square at Orchard Town Center is a 300-unit upscale,
urban community located adjacent to Westminster’s Orchard Town Center
Mall.
As of the date of the sale, the Greens at Van de Water was 95.62 percent
leased, Lake Vista at Centerra Apartments was 96.33 percent leased and
Arbour Square at Orchard Town Center was 94.66 percent leased.
About Inland Private Capital Corporation
Inland Private Capital Corporation, based in Oak Brook, Ill., offers
replacement property investments for persons participating in a 1031 tax
deferred exchange, as well as opportunities for accredited investors who
are seeking a real estate investment. Inland Private Capital Corporation
is a part of The Inland Real Estate Group of Companies, Inc., one of the
nation’s largest commercial real estate and finance groups, which is
comprised of independent legal entities, some of which may be
affiliates, share some common ownership or have been sponsored and
managed by such entities or subsidiaries thereof. As of December 31,
2018, IPC had sponsored 232 private placement programs with 624 total
properties, including over 18,000 residential units. As of April 30,
2019, IPC had sold more than $519 million in assets within the
residential sector, including both multifamily and student housing
properties.
Contacts
Alyssa Campbell, Inland Communications
630-218-2887 or [email protected]
