Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold two multifamily properties located in Fort Collins, Colorado for a combined $108.9 million. Inland Private facilitated the sale on behalf of Ft. Collins Multifamily Portfolio DST, one of its 1031 exchange/Delaware statutory trust investment programs.
Miramont Apartments, originally purchased for $43 million, sold for $57.3 million; and Pinecone Apartments was purchased for $40 million and sold for $51.6 million. Both properties were purchased in March 2016.
According to the company, the sale resulted in a total return to the investors of 166.29 percent (calculated based on the aggregate amount of original capital invested in the properties).
Miramont Apartments is a 210-unit property located at 4900 Boardwalk Drive and consists of more than 12 acres of land with 15 three-story residential buildings and detached garages. Pinecone Apartments is a 195-unit property located at 2212 Vermont Drive and consists of more than 11 acres of land with 13 three-story residential buildings and detached garages. Each property’s amenities include a heated swimming pool and spa, a sun deck, dog park, fitness center, clubhouse and business center.
“These properties are ideally located in Fort Collins, one of the three fastest-growing metro areas in one of the nation’s fastest growing states,” said Keith Lampi, president and chief operating officer. “We purchased the properties in 2016, and through proactive asset management and value-add upgrades, the properties provided a substantial profit on sale, resulting in a 12.01 percent average annualized return to investors. The sale provided liquidity to investors, many of which have elected to utilize their sales proceeds to complete a subsequent tax-deferred exchange.”
As of the date of the sale, Miramont Apartments was 95.7 percent leased and Pinecone Apartments was 96.4 percent leased.
In related news, Inland Private sold The Preserve at the Meadows, a 220-unit multifamily property also located in the Fort Collins market for $61 million at the end of August.
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 $2.4 billion in full-cycle transactions on behalf of its investors. Currently, IPC 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.