Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold three multifamily properties for $206.4 million on behalf of one of its 1031 investment programs.
The program, FL-NY Multifamily Portfolio DST, was comprised of three multifamily properties all purchased in 2016.
Circa at Fishhawk Ranch Apartments in Lithia, Florida, was originally purchased for $42 million and sold for $66.25 million. Sawgrass Cove Apartments in Bradenton, Florida, was originally purchased for $39.25 million and sold for $66.19 million.
Enclave at Charles Pond Apartments in Coram, New York, sold for $74 million. Due to a confidentiality agreement, the company could not disclose its original purchase price.
According to the company, the sales resulted in a total return to the investors of 219 percent (calculated based on the aggregate amount of original capital invested in the properties).
“Through proactive asset management and value-add upgrades, the investment program delivered a considerable profit on sale – more than double the original equity investment – and resulted in a 21 percent average annualized return to investors,” said Keith Lampi, president and chief operating officer.
Lampi noted that many of the DST investors used their sales proceeds to complete a subsequent tax-deferred exchange.
Charles Pond Apartments is a multi-building, 200-unit community that sits on 26 acres and includes a fitness center, swimming pool and sundeck, clubhouse with a resident lounge, outdoor nature trail, billiards room and children’s playground.
Circa at Fishhawk Ranch Apartments is a 260-unit community that sits on more than 10 acres of land and consists of 14 primary buildings, as well as an outdoor pavilion and kitchen, screened-in event space, fitness center, children’s playroom, pool and sun deck with cabanas, conference room, pet spa, and resident café and lounge.
Sawgrass Cove Apartments is comprised of 23 buildings and more than 28 acres of waterfront land. The 336-unit community is located six miles from Anna Maria Island and includes an outdoor swimming pool, clubhouse, tennis court, grilling and picnic area, business center and two dog parks.
It has been an active year in full-cycle activity for Inland Private. The company, on behalf of its 1031 exchange platform, has monetized more than $1 billion in real estate in 2021.
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.
For more Inland Private Capital Corporation news, please visit their directory page.