Home News Inland Private Sells Two Denver Multifamily Properties, Nabs 8.7% Annual Return for...

Inland Private Sells Two Denver Multifamily Properties, Nabs 8.7% Annual Return for DST Investors

Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver, Colorado, for a gross sale price of approximately $21.9 million.

Inland Private Capital Corporation, a sponsor of 1031 tax deferred exchanges, has sold two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver, Colorado, for a gross sale price of approximately $21.9 million. The sale was facilitated on behalf of Denver Multifamily Portfolio DST, one of the company’s 1031 exchange investment programs.

“Denver Multifamily Portfolio 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 properties in 2015, and they provided consistent income and a substantial profit on sale, resulting in an 8.71 percent average annualized return to investors.”

The company noted that the sale resulted in a total return to the investors of 131.35 percent (calculated based on the aggregate amount of original capital invested in the property).

Located at 1691 Franklin Street, Ascent Uptown is a three-story mixed-use building constructed in 2013. The property consists of 22 units and approximately 5,000 square feet of retail space, currently leased to Olive & Finch, a coffee shop and bakery, and Patxi’s Pizza.

The Emerson Lofts, located at 777 Emerson Street, is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.

As of the date of the sale, Ascent Uptown was 100 percent leased and Emerson Lofts was 97.6 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, 2018, IPC had sponsored 232 private placement programs with 624 total properties. Ninety-five assets had been sold, in the aggregate, as of December 31, 2018.

Visit Inland Private Capital Corporation in The DI Wire’s directory here.