Inland Private Reports 203% Return with the Sale of Two Multifamily DST Properties
Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold two multifamily properties in Las Vegas, Nevada and Charlotte, North Carolina.
Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold two multifamily properties, The Wyatt in Las Vegas, Nevada and Vanguard Northlake Apartments in Charlotte, North Carolina. To date, the company has monetized approximately $1.4 billion in real estate in 2021 on behalf of its 1031 exchange platform.
The sale was facilitated on behalf of National Multifamily Portfolio I DST, a Delaware statutory trust offering that launched in October 2016 and sought to raise $120.1 million in investor equity, according to public filings with the Securities and Exchange Commission.
According to Inland Private, The Wyatt was originally purchased for nearly $57.3 million and Vanguard for approximately $31.7 million. The Wyatt sold for $94.2 million and resulted in a total return to investors of 218.96 percent, while Vanguard sold for $44.25 million resulting in a total return of 176.67 percent. Combined, the $138.45 million sale of both properties reportedly secured a 203.73 percent return to investors (calculations are based on the aggregate amount of original capital invested in the properties).
The Wyatt sits on more than 14 acres of land and is comprised of 308 one-, two- and three-bedroom units throughout 26 residential buildings. Amenities include two swimming pools with cabanas, a media room, fitness center, gated parking and electric vehicle charging stations, a playground, grilling area and dog park.
Vanguard consists of approximately 12 acres of land and 204 one, two- and three-bedroom units across eight residential properties. Amenities include a swimming pool with a recessed sundeck, a clubhouse and fitness room, a business center and entertainment kitchen, fireside lounge and dog park.
As of the date of the sale, both The Wyatt and Vanguard Northlake Apartments were over 94 percent occupied.
“Las Vegas and Charlotte are two very sought-after markets and provided IPC investors with the opportunity to capitalize on migration, employment and rent growth,” said Keith Lampi, president and chief operating officer. We purchased the properties in 2016, and through proactive asset management and value-add renovations, these two properties provided a substantial profit on sale, resulting in a 19.91 percent percent average annualized return to investors.”
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, it has monetized in excess of $3 billion in full-cycle transactions on behalf of its investors.
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 September 30, 2021, the firm had sponsored 279 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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