PRESS ROOMNEWS RELEASE
Inland Private Capital Corporation Completes Successful Sale of Denver Multifamily PropertiesMarch 18, 2019
Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the sale of two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver, Colorado, for a gross sale price of $21.85 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs.
Located at 1691 Franklin Street, Ascent Uptown is a three-story mixed-use building constructed in 2013. The property consists of 22 units and approximately 4,988 square feet of retail space, currently leased to Olive & Finch, a coffee shop and bakery, and Patxi’s Pizza.
The Emerson Lofts, located at 777 Emerson Street, is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.
“Denver Multifamily Portfolio DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the properties in 2015, and they provided consistent income and a substantial profit on sale, resulting in an 8.71 percent average annualized return to investors.”
As of the date of the sale, Ascent Uptown was 100 percent leased and Emerson Lofts was 97.62 percent leased.
The sale resulted in a total return to the investors of 131.35 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 December 31, 2018, IPC had sponsored 232 private placement programs with 624 total properties. Ninety-five assets had been sold, in the aggregate, as of December 31, 2018.