Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold a portfolio of three multifamily properties located in Colorado for a gross sale price of $206.5 million.
The sale was facilitated on behalf of Colorado Multifamily Portfolio DST, one of Inland Private’s 1031 investment programs. The DI Wire reported in August 2015 that program raised more than $90 million in capital from investors.
“The sale of these properties marks a successful and historic transaction, as it is the industry’s largest securitized 1031 program to go full-cycle,” said Keith Lampi, president and chief operating officer of IPC. “This transaction provides liquidity to more than 240 investors, which represents our industry’s progression toward institutional scale and asset quality, while also underscoring the importance of proactive asset management.”
Purchased in 2014, the portfolio consists of the Greens at Van de Water and Lake Vista at Centerra Apartments, both in Loveland, Colorado, and Arbour Square at Orchard Town Center in Westminster, Colorado.
The Greens at Van de Water is a 252-unit upscale multifamily community located within Loveland’s Van de Water master-planned development. Lake Vista at Centerra Apartments is a 303-unit Class A community located in the center of the award-winning Centerra master plan community. Arbour Square at Orchard Town Center is a 300-unit upscale, urban community located adjacent to Westminster’s Orchard Town Center Mall.
As of the date of the sale, the Greens at Van de Water was 95.6 percent leased, Lake Vista at Centerra Apartments was 96.3 percent leased and Arbour Square at Orchard Town Center was nearly 94.7 percent leased.
Inland Private 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.
As of December 31, 2018, the company had sponsored 232 private placement programs with 624 total properties, including more than 18,000 residential units. As of April 30, 2019, IPC had sold more than $519 million in assets within the residential sector, including both multifamily and student housing properties.