Inland Fully Subscribes $54 Million Build-to-Rent DST in Florida
Real estate investment manager Inland Private Capital Corporation, or IPC, fully subscribed an IPC-sponsored Delaware statutory trust: Fort Myers BTR DST. The private placement offering is now closed, having raised $54 million in capital from accredited investors.
The DST owns the Odyssey on Soltura, a newly constructed, Class A, build-to-rent single-family rental community located in the 10100 block of Soltura Drive in Fort Myers, Fla. The property is comprised of 129 units across 20 villa-style buildings and 89 free-standing residential homes. The single-family cottage-style homes feature large private fenced-in backyards, covered lanais, high-end interior finishes, and smart home technology. Community amenities include a resort-style pool, pergola with outdoor dining space, a fitness center, co-working space with private offices, a dog park with pet water fountains, and an event lawn for playing outdoor games.
“We continue to see significant opportunity in the BTR space. Our overarching investment thesis is driven by demographic tailwinds from both millennial and baby boomer generational cohorts and their changing consumer preferences,” said Nati Kiferbaum, senior vice president, head of investment product strategy for IPC.
IPC’s current BTR portfolio spans more than $1.19 billion in assets under management. The portfolio is comprised of 18 properties in Alabama (1), Arizona (13), Colorado (1) and Florida (3), totaling 3,671 units. IPC’s current portfolio of multifamily assets, including BTR assets, spans more than $4.6 billion as of June 30, 2024.
In Florida specifically, IPC has a large multifamily presence (including BTR assets) with 21 properties totaling 5,810 units under management across the state. Last month, IPC sold Brantley Pines, a multifamily property also located in Fort Myers. The sale was facilitated on behalf of Fort Myers Multifamily DST and resulted in an equity multiple to investors of 1.37x. The initial equity raise for that property was $23.3 million and occurred between January to September 2019.
“As the market grapples with waning home affordability driven by a shortage in housing stock, we believe we are in the early innings of growth in single-family rental demand, which should benefit the performance in the BTR sector in the years to come,” added Kiferbaum.
Headquartered in Oak Brook, Ill., Inland Private Capital Corporation specializes in offering multiple-owner, tax-focused, private placement investments including qualified opportunity zone investments throughout the United States. Since inception, it has monetized more than $4.7 billion in full-cycle transactions on behalf of its investors and currently manages a diverse portfolio of more than $12.2 billion across several asset classes spanning 43 states.
Inland Private Capital Corporation is a member company of alternative investment management firm, The Inland Real Estate Group of Companies Inc. As of March 31, 2024, the firm had sponsored 315 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.
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