Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold the 480-unit Conifer Creek Apartments in Aurora, Colorado for an undisclosed amount.
The sale was facilitated on behalf of Denver MSA Multifamily II DST, a Delaware statutory trust offering that launched in July 2017 and sought to raise $54 million in investor equity, according to public filings with the Securities and Exchange Commission.
While the sale price could not be disclosed, Inland Private said that the property was originally purchased for $95 million and resulted in a total return to the investors of 143.06 percent (calculated based on the aggregate amount of original capital invested in the property).
Located at 2205 South Racine Way, Conifer Creek Apartments consists of a mix of townhomes and condominium-style units spread throughout 53 rental buildings with tuck-under garages in every building. Inland Private conducted renovations in May 2019, updating units with new appliances, countertops, hardware, lights and fixtures, flooring, backsplash and refaced cabinets.
“Conifer Creek Apartments is ideally located in Aurora, the third most populous city in one of the nation’s fastest growing states,” said Keith Lampi, president and chief operating officer. “We purchased the property in 2017, and through proactive asset management and value-add upgrades, the property provided a substantial profit on sale, resulting in a 9.90 percent average annualized return to investors.”
As of the date of the sale, Conifer Creek Apartments was nearly 96.9 percent leased.
In other company news, last week Inland Private sold a 34-property portfolio of self-storage assets for $265 million, providing liquidity to three of its sponsored Delaware statutory trust programs.
The company has monetized nearly $1.2 billion in real estate in 2021 on behalf of its 1031 exchange platform.
Inland Private specializes in offering multiple-owner, tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. Since inception, the firm has monetized in excess of $3 billion in full-cycle transactions on behalf of its investors. Currently, the firm manages a portfolio of more than $9 billion across several asset classes spanning 43 states.
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.