Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold the Retreat at Orlando, an 894-bed student housing community located in Orlando, Florida, approximately two miles southwest of the University of Central Florida campus. The company facilitated the sale on behalf of one of its 1031 investment programs. The sale price was not disclosed.
Located approximately 11 miles northeast of Orlando’s central business district, the 427,700-square-foot property caters primarily to students enrolled at UCF, the second largest university in the nation. As of the date of the sale, the property was 99.6 percent leased.
“The Orlando Student Housing DST marks our company’s first full-cycle transaction on our student housing 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.”
Constructed in 2014, the Retreat at Orlando community consists of 143 apartment buildings with 964 parking spaces. Residents can select from 33 floor plans that range from two- to six-bedroom units with private bedrooms and bathrooms, kitchens, a full-size washer and dryer, and a front porch or back patio with private access.
The property also features a multi-tiered swimming pool with cabanas and hammocks, a 24-hour fitness center, an 11,000-square-foot clubhouse with a catering kitchen, computer lab, pool tables, lounge area and golf simulator, sand volleyball and tennis courts, a picnic area with barbecue grills, and shuttle service to the UCF campus.
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 March 31, 2018, the company had sponsored 221 private placement programs with 596 total properties. Eighty-one assets had been sold, in the aggregate, as of March 31, 2018.