Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold the 304-unit View at Legacy Oaks multifamily property located in Knightdale, North Carolina, a suburb of southeast Raleigh. The sale price was not disclosed.
Inland Private facilitated the sale on behalf of National Multifamily Portfolio III DST, one of its Delaware statutory trust offerings.
The company said that the sale resulted in a total return to the investors of 147.36 percent (calculated based on the aggregate amount of original capital invested in the property).
Located at 1150 Baxter Lane, the View at Legacy Oaks consists of 17.8 acres of land with 14 residential buildings, a clubhouse and a maintenance shop building. Constructed in 2009 and renovated in 2018, the property includes a dog park, swimming pool, 24-hour fitness center with a kids playroom, a community kitchen, a club lounge with a pool table, cyber-café, outdoor picnic areas with grills, a playground, nature trail access and a car care center.
“We purchased the property in November 2017, and through proactive asset management and value-add renovations, the property provided a substantial profit on sale, resulting in a 13.97 percent average annualized return to investors,” said Keith Lampi, president and chief operating officer. “The sale allowed us to increase the monthly distribution on the remaining capital invested in the DST, while simultaneously providing partial 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 View at Legacy Oaks was nearly 96.1 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. Currently, the company manages a diverse portfolio of more than $9 billion across several asset classes spanning 43 states. As of December 31, 2020, the firm had sponsored 266 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.