PRESS ROOMNEWS RELEASE
Inland Private Capital Corporation Completes Sale of Student Housing Community in Orlando
Nicole SpreckInland Communications
Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the sale of the Retreat at Orlando, an 894-bed student housing community located in Orlando, Florida. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.
Located approximately two miles southwest of the University of Central Florida (“UCF”) campus and 11 miles northeast of Orlando’s central business district, the 427,657-square-foot property is located at 11037 Retreat Avenue in Orlando. The Retreat at Orlando caters primarily to students enrolled at UCF, the second largest university in the nation.
Constructed in 2014, the Retreat at Orlando community consists of 143 apartment buildings with 964 parking spaces. Residents can select from 33 cottage-style floor plans that range from a two- to six-bedroom design with private bedrooms and bathrooms, gourmet kitchens, spacious closets, nine-foot ceilings, a full-size washer and dryer and a front porch or back patio with private access. The property also features a resort-style, multi-tiered swimming pool with cabanas and hammocks, a 24-hour fitness center, an 11,000-square-foot clubhouse with a catering kitchen, computer lab, pool tables, lounge area and golf simulator, a sand volleyball court, tennis court, a picnic area with barbecue grills and shuttle service to the UCF campus.
“The Orlando Student Housing DST marks our Company’s first full-cycle transaction on our student housing platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2015, and it provided consistent income and a substantial profit on sale, resulting in a 10.48 percent average annualized return to investors.”
As of the date of the sale, the property was 99.55 percent leased.
The sale resulted in a total return to the investors of 128.33 percent (calculated based on the aggregate amount of original capital invested in the property).
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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 March 31, 2018, IPC had sponsored 221 private placement programs with 596 total properties. Eighty-one assets had been sold, in the aggregate, as of March 31, 2018.