Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold The Preserve at the Meadows, a 220-unit multifamily property located in Fort Collins, Colorado, for approximately $61 million.
Inland Private facilitated the sale on behalf of Ft. Collins Multifamily III DST, one of its 1031 exchange/Delaware statutory trust investment programs.
According to the company, the property was originally purchased in July 2016 for $46.1 million, resulting in a total return to investors of 167.45 percent (calculated based on the aggregate amount of original capital invested in the property).
Located at 350 Riva Ridge Drive, The Preserve at the Meadows consists of more than 12 acres of land with 10 three-story residential buildings, a clubhouse and 11 detached garage buildings. Constructed in 2002, community amenities include a pool and spa, a sun deck with lounge, grills and gas fire pit, a 24-hour fitness center, an updated clubhouse, business center and nature trail access.
“Situated in the heart of the rapidly growing Fort Collins market, The Preserve at the Meadows provided IPC investors an opportunity to capitalize on the market’s robust growth and increased investor demand that has occurred over the past several years,” said Keith Lampi, president and chief operating officer. “We purchased the property in July 2016, and through proactive asset management and value-add renovations, the property provided a substantial profit on sale, resulting in a 13.17 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, The Preserve at the Meadows was nearly 99.1 percent leased.
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 March 31, 2021, Inland Private had sponsored 269 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.