CORE Pacific Advisors Delivers 8.3% Annualized Return to Legacy TIC Investors

CORE Pacific Advisors, an investment advisory firm and sponsor of securitized 1031 exchange offerings, has finalized the sale of CORE Cardinal Apartments, a legacy tenant-in-common multifamily property with 256 units located in Greensboro, North Carolina.

The company says CORE Cardinal Apartments was acquired in July 2006, utilizing $6.3 million of equity. The property underwent refinancing in 2016, maintained its TIC structure, and was recently sold for $33 million.

CORE reports that, after allocating the proceeds, the property will have yielded cumulative distributions amounting to $24.6 million to the tenant-in-common owners, signifying a 289% percent return on their initial investment, or an annualized return of 8.32%.

“Refinancing a TIC loan in 2016 and closing in today’s conditions was an immense achievement, illustrating the exceptional capabilities of our team, the investors, and the buyer throughout the process…” said Justin Morehead, chief executive officer of CORE Pacific Advisors. “Will Mathews, vice chairman of Colliers International, along with his brokerage team, orchestrated an extraordinary sales process, receiving over 30 offers and securing non-refundable money from day one. This underscored the assurance that investors were benefiting from the sale at that particular time.”

The company highlighted several upgrades to the property. This includes, 159 units (62%) maintain a “classic aesthetic,” featuring oak cabinets, laminate countertops, hardwood-style floors, and black or white appliances. In addition, 97 of the units (38%) have been renovated and feature “modern cabinetry” and stainless-steel appliances.

CORE Pacific Advisors, an affiliate of CORE Realty Holdings Management, sponsors 1031 exchange offerings, including Delaware statutory trusts and tenant-in-common structures.

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