Inland Private Capital Corporation, an alternative investment management firm and a sponsor of 1031 tax deferred exchanges, has sold Amberwood at Lochmere located in Cary, North Carolina for $31.35 million, on behalf of a tenant-in-common investment program.
Amberwood at Lochmere is a 206-unit apartment community that was constructed in 1991 and consists of a mix of one-, two- and three-bedroom units. Property amenities include a sun deck, swimming pool, tennis court, dog park, 24-hour fitness center, hiking trails and a clubhouse.
“Amberwood at Lochmere was a securitized TIC transaction structured on behalf of two IPC investors,” said Keith Lampi, president and chief operating officer of Inland Private. “We purchased the property in 2016 as a value-add project and renovated approximately 60 units, allowing us to offer premium rental rates to the units based on the scope of the upgrades.”
He added, “The investment provided consistent income and a substantial profit on the sale, resulting in a 9.17 percent average annualized return to its investors.”
As of the date of the sale, the property was nearly 96.7 percent leased. The company noted that the sale resulted in a total return to the investors of 133.93 percent (calculated based on the aggregate amount of original capital invested in the property).
In other Inland Private news, the firm recently sold a 377,300-square-foot Bank of America office building, located in the Hunt Valley submarket of Baltimore, Maryland, for $99.3 million, on behalf of one of its 1031 exchange investment programs.
Inland Private Capital Corporation had sponsored 241 private placement real estate offerings as of June 30, 2019, many of which were designed for investors seeking replacement property to complete an IRS Section 1031 exchange. The company is the largest provider of securitized 1031 exchange opportunities in the country, with a national footprint of more than 600 properties, representing approximately $8 billion in assets under management.