Inland Fully Subscribes $72 Million Build-to-Rent DST in Arizona

Real estate investment manager Inland Private Capital Corporation, or IPC, has completed a $72 million capital raise for the private investment offering of Glendale BTR DST, an IPC-sponsored Delaware statutory trust. The offering has been fully subscribed by investors and is now closed.

The DST owns the Onyx at Westgate, purchased in February 2024 by Inland Real Estate Acquisitions LLC – the purchasing arm for various Inland-sponsored programs including DSTs – for an undisclosed price.

The property is a Class A, build-to-rent, single-family rental community developed in 2022 located in the 7400 block of North 91st Avenue in Glendale, Ariz. Comprised of single-story rental homes, the property is positioned on 17 acres and consists of 58 one-bedroom duplexes, 85 two-bedroom detached homes, and 47 three-bedroom bungalows. Each home features upscale amenities including a gourmet kitchen, stainless steel appliances, oversized windows, 10-foot vaulted ceilings, a washer and dryer, spacious walk-in closets, and a smart home technology package.

Residents of the Onyx at Westgate also have access to community amenities including a gated entry, resort-style pool and spa, outdoor firepits, community lawn area, state-of-the-art fitness center, dog park, covered parking, and optional garages for residents. The property is ideally located adjacent to the Westgate Entertainment District, Desert Diamond Casino, Peoria Crossings, Park West and Glendale Crossings shopping centers, St. Joseph’s Westgate Medical Center, and two miles from the soon-to-be completed VAI Resort.

“We continue to see significant opportunity in the BTR space, especially in Arizona due to the state’s migration and demographic trends that support the need for more multifamily housing,” said Nati Kiferbaum, senior vice president, head of investment product strategy for IPC. “As the millennial and baby boomer generational cohorts are driving changing consumer preferences and grappling with waning home affordability and shortage in housing stock, we believe we are in the early innings of growth in single-family rental demand, which should benefit BTR sector performance in the years to come.”

Over the summer, IPC fully subscribed its Fort Myers BTR DST, having raised $54 million in capital from accredited investors. That DST owns the Odyssey on Soltura, a BTR community in Fort Myers, Fla.

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), altogether totaling 3,671 units. IPC’s current portfolio of multifamily assets, including BTR assets, spanned more than $4.6 billion as of June 30, 2024.

In Arizona, Inland has a large multifamily presence with its 13 BTR properties totaling 2,686 units under management across the state, including the Onyx at Westgate.

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 $12.3 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 June 30, 2024, the firm had sponsored 317 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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