Inland Private Capital Corporation, a sponsor of securitized 1031 exchange offering, has sold three multifamily properties for approximately $192.8 million on behalf of Park Creek Steeple Multifamily DST, a Delaware statutory trust offering.
Park Creek Steeple Multifamily DST was comprised of Park Place Apartments in Oviedo, Florida; Creekside Ranch Apartments in Bradenton, Florida; and Steeplechase at Parkview Apartments in Fort Wayne, Indiana.
According to Inland Private, the three properties were purchased in 2015, and the sale resulted in a total return to investors of 287.71 percent, and an average annual return of 29.19 percent.
“Buyer demand was overwhelmingly positive for each of the three assets that comprised the Park Creek Steeple portfolio. I could not be more pleased with this program’s performance, which maintained a stable stream of income throughout the hold period, while producing nearly a 3x equity multiple to investors as a result of its liquidity event,” said Keith Lampi, president and chief operating officer.
Park Place Apartments is a 275-unit community with a swimming pool, fitness center, demonstration kitchen, indoor basketball court, media room, outdoor grilling area, and a business lounge.
Creekside Ranch Apartments is a 256-unit community that includes a beach-entry pool with a spa, an indoor basketball and sports court, a demonstration kitchen, volleyball court, dog park, car care center and outdoor kitchen and barbecue area.
Steeplechase at Parkview Apartments is a 264-unit community with a number of walking and jogging trails, three ponds, a swimming pool and sundeck, a fitness center, and a conference room.
To date, Inland Private has monetized approximately $1.7 billion in real estate in 2021 on behalf of its 1031 exchange platform. Since inception, the firm has monetized more than $3.5 billion in full-cycle transactions.
Inland Private specializes in offering tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. 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.