PRESS ROOMNEWS RELEASE
Inland Private Capital Corporation Delivers Investor Liquidity, 166% Total Return with Fort Collins Multifamily Property Portfolio SaleOctober 11, 2021
Oak Brook, Ill. – Inland Private Capital Corporation (“IPC”) today announced the $108.9 million sale of two multifamily properties, Miramont Apartments ($57.3 million) and Pinecone Apartments ($51.6 million), both located in Fort Collins, Colorado. IPC, through its subsidiaries which serve as asset managers, facilitated the sale of the properties on behalf of Ft. Collins Multifamily Portfolio DST, one of IPC’s 1031 investment programs.
The sale resulted in a total return to the investors of 166.29 percent (calculated based on the aggregate amount of original capital invested in the properties).
Miramont Apartments is a 210-unit property located at 4900 Boardwalk Drive and consists of more than 12 acres of land with 15 three-story residential buildings and detached garages. Pinecone Apartments is a 195-unit property located at 2212 Vermont Drive and consists of more than 11 acres of land with 13 three-story residential buildings and detached garages. Each property’s amenities include a heated swimming pool and spa, a sun deck, dog park, fitness center, clubhouse and business center.
“These properties are ideally located in Fort Collins, one of the three fastest-growing metro areas in one of the nation’s fastest growing states,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the properties in 2016, and through proactive asset management and value-add upgrades, the properties provided a substantial profit on sale, resulting in a 12.01 percent average annualized return to investors. The sale provided liquidity to investors, many of which have elected to utilize their sales proceeds to complete a subsequent tax-deferred exchange.”
As of the date of the sale, Miramont Apartments was 95.71 percent leased and Pinecone Apartments was 96.41 percent leased.
In related news, IPC sold The Preserve at the Meadows, a 220-unit multifamily property also located in the Fort Collins market for $61.013 million at the end of August.
IPC specializes in offering multiple-owner, tax-focused, private placement investments as well as Qualified Opportunity Zone investments throughout the U.S. Since inception, IPC has monetized in excess of $2.4 billion in full-cycle transactions on behalf of its investors. Currently, IPC manages a diverse portfolio of more than $9 billion across several asset classes spanning 43 states.
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About Inland Private Capital Corporation
Inland Private Capital Corporation (IPC), headquartered in Oak Brook, IL, is a privately held, industry-leading alternative investment management firm, with an investment focus spanning across a broad range of asset types. As of June 30, 2021, the firm had sponsored 273 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors. Many of IPC’s offerings have been designed for investors seeking replacement property to complete a Section 1031 exchange. IPC is recognized as the largest provider of securitized 1031 exchange opportunities in the country, with assets under management (AUM) of more than $9 billion, which includes a diverse national footprint of properties, spanning 43 states across various sectors.