Inland Private Sells Lakeshore Pearl Apartments in Austin, Texas

Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold the 230-unit Lakeshore Pearl Apartments located in Austin, Texas on behalf of one of its 1031 investment programs.

Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold the 230-unit Lakeshore Pearl Apartments located in Austin, Texas on behalf of one of its 1031 investment programs. The sales price was not disclosed.

Located in the new Lakeshore District, the 196,500-square-foot property is located at 2223 Waterloo City Lane in Austin.

Constructed in 2013, Lakeshore Pearl Apartments includes one three-story building comprised of a two-story clubhouse and eight separate apartment building sections. The property features 21 efficiency apartments, 120 one-bedroom, 79 two-bedroom and 10 three-bedroom units, a swimming pool, an outdoor lounge, a fitness center, theatre room and a business center.

“Austin Lakeshore Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2015, and it provided consistent income and a substantial profit on sale.”

The property also provides convenient access to downtown Austin, public transportation, the Lady Bird Lake hike-and-bike trail, and business and entertainment districts.

As of the date of the sale, the property was nearly 91 percent leased.

Inland Private Capital Corporation offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. As of December 31, 2017, the company had sponsored 217 private placement programs with 589 total properties. Eighty assets had been sold, in the aggregate, as of December 31, 2017. These dispositions include five multifamily assets with a cumulative sales price of over $185.7 million.

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